₦airaland Forum

Abuja, April 6, 2026 – Na serious matter o! Despite di Naira-for-Crude arrangement wey Federal Government set up to help local refineries get enough crude, Dangote Refinery don conclude plans to import 13.62 million barrels of crude oil for May 2026.
Dangote Refinery Crude Import: Wetin Dey Really Happen?
Dis big import wey worth N2.097 trillion na about 72% of di 19 million barrels wey di refinery need for di whole month. As e be, Federal Government go only supply 6.15 million barrels. Therefore, di massive 650,000 barrels-per-day refinery no get choice but to import di remaining shortfall.
At di current international price of $110 per barrel, di 13.62 million barrels go cost $1.498 billion, wey go turn to about N2.097 trillion at exchange rate of N1,380.79 to $1. Furthermore, dis heavy Dangote Refinery crude import dey cause plenty concern for di industry.
Fuel Price Hike Looms – Experts Dey Sound Alarm
In addition, industry experts don raise serious alarm say dis kind heavy reliance on imported crude fit make petrol price for Nigeria stay very high. Dr. Billy Gillis-Harry, National President of Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), talk say:
“Speculation and price hikes go become normal thing. Once prices begin to climb and trend upward, transport cost go rise sharply, triggering serious inflation for food prices and other essential commodities.”
Dangote Fit Prioritise Exports to Survive
Moreover, Mazi Colman Obasi, National President of Oil and Gas Service Providers Association of Nigeria (OGSPAN), explain say: “Dangote Refinery no build to depend only on Nigerian crude. If dem must import, dem go need to export refined products to remain commercially viable. Although export fit bring foreign exchange, e fit no significantly improve di living conditions of ordinary Nigerians.”
Why Nigeria Still Dey Import Crude Despite Oil Producer Status?
Meanwhile, Jeremiah Olatide, CEO of Petroleumprice.ng, describe di situation as paradoxical. He say: “Nigeria na major crude oil producer, yet im largest refinery still dey import crude.” He therefore advise government to boost domestic supply, improve upstream production and security, and strengthen di Naira-for-Crude framework.
Another expert wey prefer anonymity add say importing crude wey dem price in dollars go increase feedstock costs, reduce refining margins, put more pressure on foreign exchange, and expose di country to global risks.
Federal Government Don Promise Again
However, Federal Government don once more pledge to increase crude supply to domestic refineries. Nevertheless, similar promises in di past were not fully met because of limited crude availability. For first half of 2025, NUPRC miss di target of 770,500 barrels per day.
Presidency Defend Naira-for-Crude Initiative
Despite all dis, Temitope Ajayi, Senior Special Assistant to di President on Media and Publicity, maintain say di Naira-for-Crude initiative wey launch on October 1, 2024, don help shield Nigeria from global energy disruptions. He note say Dangote Refinery don ensure product availability, eliminate fuel queues, and even reduce petrol price by N75 per litre recently.
TheStreetNewspaper go dey monitor dis Dangote Refinery crude import situation closely as Nigerians dey wait to see how e go affect petrol price and general cost of living in di coming weeks.https://thestreetnewspaper.com/
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Abuja, April 6, 2026 – It’s a serious issue! Despite the Federal Government’s Naira-for-Crude arrangement designed to help local refineries access enough crude oil, the Dangote Refinery has finalized plans to import 13.62 million barrels of crude oil for May 2026.

What’s Really Happening With Dangote Refinery’s Crude Import?
This massive import, valued at ₦2.097 trillion, represents about 72% of the 19 million barrels the refinery requires for the month. The Federal Government is expected to supply only 6.15 million barrels, leaving a significant shortfall the refinery must cover through imports.

At the current international price of $110 per barrel, the 13.62 million barrels will cost about $1.498 billion, equivalent to ₦2.097 trillion at an exchange rate of ₦1,380.79 per dollar. This development has raised major concerns across the oil and gas sector.

Fuel Price Hike Looms – Experts Sound Warning
Industry experts have expressed worries that such heavy reliance on imported crude could keep petrol prices high in Nigeria.
Dr. Billy Gillis-Harry, National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), warned:

“Speculation and price hikes will become normal. Once prices begin to rise and trend upward, transport costs will increase sharply, leading to serious inflation in food prices and other essential goods.”

Dangote May Prioritize Exports to Stay Afloat
Mazi Colman Obasi, National President of the Oil and Gas Service Providers Association of Nigeria (OGSPAN), explained:

“The Dangote Refinery was not built to depend solely on Nigerian crude. If imports become necessary, it must export refined products to remain financially viable. While exports can generate foreign exchange, they may not significantly improve living conditions for ordinary Nigerians.”

Why Is Nigeria Still Importing Crude Despite Being an Oil Producer?
Jeremiah Olatide, CEO of Petroleumprice.ng, described the situation as paradoxical:

“Nigeria is a major oil producer, yet its largest refinery still imports crude. The government must boost domestic supply, strengthen upstream production and security, and reinforce the Naira-for-Crude framework.”

Another industry expert, who preferred anonymity, added that importing dollar-priced crude increases feedstock costs, reduces refining margins, strains foreign exchange reserves, and exposes the country to global market risks.

Federal Government Renews Supply Promise
The government has once again promised to increase crude supply to local refineries. However, similar promises in the past were not fully realized due to limited crude availability. For instance, during the first half of 2025, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) missed its supply target of 770,500 barrels per day.

Presidency Defends Naira-for-Crude Initiative
Temitope Ajayi, Senior Special Assistant to the President on Media and Publicity, insists the Naira-for-Crude initiative—launched on October 1, 2024—has helped shield Nigeria from global energy disruptions. He emphasized that the Dangote Refinery has improved product availability, eliminated fuel queues, and even reduced petrol prices by ₦75 per litre in recent months.

The Street Newspaper will continue monitoring developments around the Dangote Refinery’s crude import plans as Nigerians await to see how this move will impact fuel prices and the general cost of living in the coming weeks.


Trump Bump!

Why should petrol prices skyrocket when the crude price they used as excuse to raise prices in the first place have dropped

Why is dangote refinery Importing crude oil?

Because we don't sell enough to dangote.

rickpat:
Why is dangote refinery Importing crude oil?

Na wa oo...is there no way government can subsidise the crude oil price for dangote thereby reducing the price of fuel,even if using the money gotten as a result if increase oil prices due to the iran usa war ...

lordm:
Because we don't sell enough to dangote.

rickpat:
Na wa oo...is there no way government can subsidise the crude oil price for dangote thereby reducing the price of fuel,even if using the money gotten as a result if increase oil prices due to the iran usa war ...

Dangote is not asking the federation government to reduce the price for him. He is asking the government to give him complete quota at international price.

Do you know how much he will save in logistics and insurance if he buys from local market?

He will save more.....well,since the government refineries are technically dead,i think the government should come up with a deal with dangote just for the sake of millions of nigerians

Beautifulday:
Dangote is not asking the federation government to reduce the price for him. He is asking the government to give him complete quota at international price.

Do you know how much he will save in logistics and insurance if he buys from local market?

rickpat:
He will save more.....well,since the government refineries are technically dead,i think the government should come up with a deal with dangote just for the sake of millions of nigerians

Government wey dey fill their pocket

Really very sad

Beautifulday:
Government wey dey fill their pocket