Bola Ahmed Tinubu, the president of Nigeria, has given assurances that the nation can attain energy security and sustain interest in Aliko Dangote’s refinery, which generates 650,000 barrels daily.
According to him, the Naira-for-crude agreement shouldn’t go back to how things were in Nigeria during the Premium Motor Spirit (Petrol) subsidy period. He underlined that energy security will become more predictable in the medium and long term and that the government will not revert to outdated practices.
Tinubu added that the fate of the oil and gas sector will continue to be determined by market forces. In order to avoid wasting time in the future, he encouraged the government and independent marketers to meet on the worksheet.
Due to gas retailers disregarding its more than 500 million liters of fuel, Dangote, whose refinery started producing gasoline on September 15, 2024, is currently losing money.
Nigerians still have difficulty purchasing petroleum at NNPCL retail shops for more than N1,030 per liter, notwithstanding the government of Nigeria’s October 1, 2024, announcement of the Naira-for-crude agreement with Dangote Refinery.
