The Dangote Petroleum Refinery will need approximately N1.7 trillion worth of crude oil each month, following President Bola Tinubu’s directive for the Nigerian National Petroleum Company Limited (NNPC) to sell crude to the plant and other domestic refineries in naira.

On Monday, Tinubu instructed the NNPC to sell crude oil to the Dangote refinery and other emerging refineries in naira. This move, announced by the Special Adviser to the President on Information and Publicity, Bayo Onanuga, aims to stabilize fuel pump prices and the dollar-naira exchange rate.

According to industry reports, the $20 billion Dangote refinery in Lekki, Lagos, will require about N1.7 trillion in crude oil each month to meet this mandate. With the average cost of crude in 2024 estimated at $83 per barrel, the refinery’s substantial monthly crude needs are based on its projected capacity.

Alhaji Aliko Dangote, President of Dangote Industries, recently announced that the refinery is expected to reach a capacity of 500,000 barrels per day in August, with a target of 550,000 barrels per day by December 2024.