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The Federal Government has disclosed that Nigeria currently lacks sufficient crude oil to fully meet the supply needs of the Dangote Refinery.
Finance Minister Taiwo Oyedele revealed this during an interview on Channels Television, explaining that although Nigeria produces about 1.8 million barrels of crude oil daily, much of it is allocated to oil companies, production costs, royalties and contractual agreements.
According to Oyedele, Nigeria currently does not have up to 700,000 barrels of free crude oil available to supply any buyer, including Dangote Refinery. As a result, the refinery still imports crude oil to meet its needs.
He added that the government hopes to increase crude oil production so that Dangote and other local refineries can receive enough supplies in the future.
The minister also expressed hope that Nigeria would eventually refine all its crude oil domestically and export finished petroleum products instead.
🇳🇬 BIG QUESTION: How can Nigeria produce 1.8 million barrels of crude oil daily yet struggle to supply its biggest refinery?
SB E-news Efficiency
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