As the fallout from the U.S.-Israel-Iran war continues to throttle global fuel supplies, Nigeria has aggressively moved to fortify its domestic energy security.
Billionaire Aliko Dangote confirmed that the Nigerian National Petroleum Co. (NNPC) doubled its crude allocation to the Dangote Refinery in March, delivering a total of 10 cargoes.
“Last month, they gave us six cargoes for naira and four cargoes for dollars,” Dangote said.
This surge in feedstock arrives at a critical juncture: the 650,000 bpd refinery recently hit full nameplate capacity, and the disruption of Persian Gulf shipments has made West African refining self-sufficiency a matter of national survival.
The Supply Surge: March vs. Historical Average
Prior to the recent escalation in the Middle East, the refinery had been operating on a steady but limited diet of domestic crude. The March allocation represents a significant strategic shift by the NNPC.
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The “Crude-for-Naira” Win: Of the 10 cargoes delivered in March, six were paid for in Naira. This 60/40 split is a major relief for the refinery’s capital structure, reducing its immediate need for US dollars and helping to stabilize the local currency.
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Feedstock Mix:Â The March shipments fall short of the 19 cargoes that Dangote Refinery says it needs to operate at full capacity. The company supplements the shortfall with imports of crude from the US and other African countries.
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