The Nigerian National Petroleum Company (NNPC) Limited has officially stopped importing refined petroleum products, according to its Group CEO, Mele Kyari.
Speaking at the 42nd annual NAPE conference in Lagos, Kyari highlighted that NNPC now sources all its fuel from domestic refineries, including the Dangote Refinery. He dismissed allegations of hindering operations at Dangote, emphasizing NNPC’s proactive role as a partner.
Kyari noted this move aligns with the government’s strategy to reduce foreign exchange pressures by eliminating costly fuel imports, thereby stabilizing the naira and curbing inflation.
He explained that sourcing crude from domestic refineries, including in naira, is a strategic decision aimed at boosting local production and easing the burden on foreign reserves. Kyari also emphasized the high-quality nature of Nigerian crude, noting it’s often blended with lower-quality crude in global markets for processing.
He debunked claims suggesting NNPC’s refusal to sell crude in naira was a form of sabotage, arguing instead that it is a balanced financial strategy that supports both domestic refiners and the economy.
“The largest source of foreign exchange strain has been fuel imports,” Kyari said, adding that curbing these imports would significantly ease currency pressure and stabilize the exchange rate. He praised the government’s initiatives, noting their potential to reduce speculation around the naira and control inflation, ultimately benefiting the country’s economic landscape.
