The Nigerian National Petroleum Company Limited (NNPC Ltd) generated N34.64bn from crude oil sales in July 2025 with the Dangote Petroleum Refinery accounting for N11.20bn or 32.33 per cent of the total proceeds.
According to an internal document presented at the Federation Account Allocation Committee (FAAC) meeting in August and reviewed, total crude oil sales during the period stood at 340,000 barrels, estimated at $22.51m using prevailing exchange rates.
The report indicated that NNPC Trading lifted 220,000 barrels of Antan blend crude on the vessel Ottoman Courtesy, sold at $63.73 per barrel, generating $14.02m or N21.49bn at an exchange rate of N1,532.55/$.
A second consignment of 20,000 barrels from the same field yielded $1.27m or N1.95bn, using the same exchange rate.
In addition, 100,000 barrels of Okwuibome crude produced by SEEPCO were lifted on the vessel Sonangol Kalandula and priced at $72.09 per barrel, generating $7.21m or N11.20bn at an exchange rate of N1,553.27/$.
The Dangote Refinery was the offtaker of the Okwuibome consignment, confirming its share of N11.20bn from the total July revenue. This marks the first documented crude purchase by the refinery under the renewed naira-for-crude agreement initiated in April 2025.
The transactions formed part of the Federal Government’s naira-for-crude policy introduced in October 2024 to ensure consistent domestic crude supply to local refineries, ease pressure on foreign exchange, and stabilize petroleum product prices.
Under this arrangement, crude oil supplied to the Dangote Refinery and other domestic processors is payable in naira, based on exchange rates advised by the African Export-Import Bank (Afrexim Bank).
Data obtained showed that within the past seven months, the Dangote Refinery has received crude oil worth N118.64bn under the policy.
In Q1 2025 alone, crude supplies to the refinery were valued at N107.44bn, representing over 32 per cent of NNPC’s total crude sales in that period.
The naira-for-crude deal was approved by the Federal Executive Council (FEC) in July 2024 as a strategic intervention to reduce dollar demand and strengthen the naira.
However, in March 2025, the Dangote Refinery temporarily suspended sales of refined products in naira, citing a mismatch between crude purchase obligations denominated in dollars and local product sales.
Following further policy directives, the Federal Government reaffirmed that the initiative was not temporary but a long-term measure to support local refining capacity and reduce dependence on imports.
The July sales underscore the growing role of the Dangote Refinery in Nigeria’s domestic crude supply chain.
Analysts note that consistent supplies under the naira-for-crude framework could help reduce foreign exchange volatility and improve downstream stability, provided policy implementation remains firm and transparent.
For NNPC, the alignment with Dangote Refinery represents a significant domestic offtake, ensuring crude allocation within the country while sustaining government revenue inflows.