The Nigerian National Petroleum Company Limited (NNPCL) is facing backlash over its recently introduced "Naira-for-Crude" deal, with industry stakeholders warning that the initiative could cripple local refineries. Critics argue that the policy, which involves exchanging crude oil for naira to stabilize the currency, risks diverting critical crude supplies away from domestic refineries, leaving them underutilized and ineffective.
The deal, aimed at boosting Nigeria’s foreign exchange reserves, has drawn sharp criticism from refinery operators and energy experts. They caution that reducing crude allocations to local refineries could force the country to rely more heavily on imported petroleum products, undermining efforts to achieve self-sufficiency in fuel production.
The NNPCL has maintained that the initiative is crucial for economic stability, but stakeholders are urging the company to reconsider its approach. They emphasize the need to prioritize policies that strengthen Nigeria’s refining capacity, reduce import dependency, and create jobs within the oil and gas sector.
This development comes amid ongoing challenges such as fuel scarcity and rising energy costs, which have plagued the nation for months. Industry leaders are calling for greater transparency and a balanced strategy that supports both economic stability and the growth of local refineries.
As the debate intensifies, all eyes are on the NNPCL to address these concerns and ensure the survival of Nigeria’s refining industry.
Stay tuned for more updates on this developing story.
