Tinubu, Dangote, Edun meet to discuss naira-based crude oil sales

President Bola Tinubu is currently in a high-level meeting with key industry players at the Aso Rock Presidential Villa, Abuja. The discussions, led by Finance Minister Wale Edun, focus on the sale of crude oil and refined products in naira rather than U.S. dollars.

The meeting includes Aliko Dangote, Chairman of Dangote Group, and Mele Kyari, Group CEO of the Nigerian National Petroleum Company Limited (NNPCL). They were seen entering the Council Chamber shortly after 2:00 pm.

This engagement follows the Federal Government’s recent policy to sell crude oil to Dangote Refinery using naira, an initiative launched earlier in October. Approved by the Federal Executive Council, the policy aims to stabilise domestic fuel prices, reduce reliance on foreign currency, and strengthen the naira.

Under the new model, NNPCL supplies crude oil in naira, with Dangote’s refinery serving as the pilot. The refinery, expected to meet significant domestic demand, will reciprocate by delivering petrol and diesel in naira. The government hopes this strategy will reduce import-related costs and cut foreign exchange demands by up to 40%, with support from institutions such as the Central Bank of Nigeria and AfreximBank.

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However, the two companies have faced disagreements. In September, NNPCL claimed it bought petrol from Dangote at a steep N898 per litre, a rate the refinery’s representatives described as “misleading,” citing that official pricing agreements were still under negotiation.

Tuesday’s meeting is expected to address these disputes, with President Tinubu likely stepping in to mediate.