FG Introduces Automated Crude Oil Trading Platform
The Federal Government has introduced an automated crude oil trading platform to facilitate the supply of crude oil to indigenous refineries, including Dangote Refinery. The platform aims to enhance crude oil production, allocation, pricing, and delivery, streamlining interactions between regulators, producers, refiners, and marketers.
According to the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Dangote Refinery required 63 million barrels of crude oil in the second quarter of 2026 but only accepted 52.6 million barrels, representing 78% of what was offered.
Dangote Industries Limited's Group Vice President, Oil & Gas and Fertiliser, Devakumar Edwin, said the company is willing to purchase Nigerian crude oil if it is available in sufficient volumes and at competitive market prices.
The Crude Oil Refinery-Owners Association of Nigeria (CORAN) president, Momoh Jimah Oyarekhua, stated that local refineries are increasingly meeting domestic demand for petroleum products, reducing Nigeria's reliance on imports. He noted that Nigeria is on track to becoming a net exporter of petroleum products as local refining capacity continues to grow.
Oyarekhua identified crude oil supply as one of the major challenges affecting refinery operators in the country but expressed optimism that, with continued cooperation from regulators and improved responses from crude oil producers, refineries will increasingly receive the crude volumes required to operate at optimal capacity.