We’ve not received crude oil in naira, local refiners say
The Crude Oil Refinery-owners Association of Nigeria (CORAN) has announced that its members have not yet begun receiving crude oil sales in naira, despite the recent approval from the Federal Government.
CORAN’s Public Secretary, Echie Idoko, made this known during an interview on Channels TV, highlighting the need for regulatory guidelines to implement the Federal Executive Council’s (FEC) directive.
The FEC had approved the sale of crude oil to Nigerian refineries, including the Dangote Refinery, in naira to ease access and reduce foreign exchange pressure. However, the policy remains stalled due to the lack of clear regulations and stakeholder engagement.
Idoko emphasized that without specific guidelines from regulatory agencies, the directive cannot be effectively implemented. He expressed hope that the government will involve industry stakeholders to establish a workable framework.
According to him, there have to be guidelines from the regulatory agencies that will explain the process of accessibility of crude in naira.
“We have mentioned where we are on several fronts. As it stands right now, none of our members have started uplifting crude oil in Naira. Of course, we did mention that the pronunciation was welcoming, but there were still a few steps that had to be taken for it to become implementable. It was just a federal executive council statement. There is a need for a regulatory framework that would enable us to access crude in Naira.
“There has to be a guideline as to how we can access. We have to know exactly what quantity is coming to us in Naira. All those details have to be worked out. We know it’s a recent pronouncement, so we will give the government the benefit of the doubt.
“We are hoping that in the coming days, they will be sitting down with us as stakeholders because you can’t shave a man’s head in his absence. We are hoping that our members should be part and parcel of the processes,” the CORAN chairman said.
The Dangote Refinery, valued at $19 billion, is expected to pilot the initiative, selling both crude and refined products in naira.
The refinery has recently faced conflicts with regulatory bodies over fuel quality issues, which its owner, Aliko Dangote, has strongly denied.
Following this, President Tinubu approved the sale of crude oil to the refinery in naira to ensure its operational continuity.
