The Federal Government has said Nigeria currently lacks enough available crude oil to meet the supply needs of the Dangote Refinery. Minister of Finance Taiwo Oyedele disclosed this on Friday during an appearance on Channels Television, amid calls for a production subsidy to help the refinery meet domestic demand for refined petroleum products.
Oyedele explained that although Nigeria produces about 1.8 million barrels of crude oil daily, much of the output is allocated to joint venture partners, production-sharing contracts, royalties and production costs. He said the country does not currently have up to 700,000 barrels of freely available crude oil to supply any buyer, including Dangote Refinery, which also imports crude.
The minister said the government’s naira-for-crude arrangement was introduced to promote stability but acknowledged that available volumes remain insufficient. He added that increasing national production could eventually enable Nigeria to supply Dangote and other domestic refiners adequately, with the long-term goal of refining more crude locally and exporting finished petroleum products.
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Can you imagine the nonsense talk….after you sold it all out to foreign buyers…you’re now saying gibberish. All you know how to do is frustrate businesses in Nigeria and I’m sure Dangote isn’t excluded… Thank God he has a strong repellant against your problems.