• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Sunday, August 10, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

CORAN Seeks Renewal Of Naira-Crude Sale Arrangement

by Chika Izuora
5 months ago
in Business
Naira-Crude Sale Arrangement
Share on WhatsAppShare on FacebookShare on XTelegram

The Crude Oil Refiners Association of Nigeria (CORAN) has called on federal government to renew and expand the naira-crude initiative as the initial arrangement expires this March.

Advertisement

The Association said that after careful review of the policy it was considered a huge success as it helped to strengthen the naira and crashed the price of Premium Motor Spirit (PMS) also called petrol.

Speaking to LEADERSHIP on the initiative, spokesman of CORAN, Eche Idoko, said when the initiative was muted it was resolved that it will go through a trial period to end by March this year.

The idea is to assess the impact and then if the outcome is positive it will be extended to other refineries.

Idoko, informed that initial arrangement is to supply crude to Dangote refinery on the understanding that it will reduce pressure on naira and ensure optimal performance of the refinery and make product available and affordable.

RELATED

Manufacturing Woes Contributing To Foreign Exchange Shortage — NESG Report

NESG Dialogue Calls For Mindset Shift To Drive Development

10 hours ago
NACETEM Hosts STI Indicator Dashboard Version 3.0

NACETEM Hosts STI Indicator Dashboard Version 3.0

11 hours ago

He said that the suspension of the policy by the Nigerian National Petroleum Company (NNPC) Limited is in line with the original conception of the initiative.

He said the decision is not expected to create any anxiety because there is an understanding of renewable based on the impact which CORAN confirms has helped in stabilising the domestic market.

The naira-for-crude arrangement, introduced on October 1 2024, allowed local refiners to purchase crude oil in naira instead of dollars. The initiative was designed to support domestic refining capacity, reduce reliance on imported petroleum products, and stabilize the local currency by easing pressure on foreign exchange reserves.

However, industry experts says the termination of the agreement means that Nigerian refineries, including the much-anticipated Dangote facility, will now have to source crude oil from international suppliers, paying in dollars instead of naira.

This shift is expected to escalate operational costs, potentially leading to higher fuel prices at the pump.

According to credible sources familiar with the development, the NNPC informed local refiners that it has already committed its crude oil production to forward contracts, leaving no supply available for domestic refineries.

This revelation comes despite reports that Nigeria’s crude output has increased since the deal first began.

The suspension has raised concerns among industry stakeholders, particularly for the Dangote Refinery, which is poised to become one of Africa’s largest refining facilities.

The refinery, owned by billionaire Aliko Dangote, has been a key beneficiary of the naira-for-crude deal, as it relies on locally sourced crude to meet its refining needs. Analysts fear the suspension could delay the refinery’s operational timeline and increase costs.

Other private refiners, including Waltersmith Petroman and BUA Refinery, are also expected to feel the impact. The deal had provided them with a cost-effective way to secure crude oil feedstock, enabling them to compete with international players.

Economists have warned that the suspension could have ripple effects on Nigeria’s economy. The naira has already faced significant pressure in recent months, and the removal of this dollar-saving mechanism could exacerbate the currency’s volatility.

Additionally, the move may hinder efforts to achieve self-sufficiency in petroleum production, a key goal of the federal government.


We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →

Join Our WhatsApp Channel




Tags: Crude Oil Refiners Association of Nigeria (CORAN)
SendShareTweetShare
Previous Post

NAICOM Grants CHI Life Assurance Operational Licence

Next Post

Netizens Hail Pastor Komaiya For Paying Off N3m Debt For Young Pastor

Chika Izuora

Chika Izuora

You May Like

Manufacturing Woes Contributing To Foreign Exchange Shortage — NESG Report
Business

NESG Dialogue Calls For Mindset Shift To Drive Development

2025/08/10
NACETEM Hosts STI Indicator Dashboard Version 3.0
Business

NACETEM Hosts STI Indicator Dashboard Version 3.0

2025/08/10
Nigeria Sees Growth In Creative Industry As Sector Contributes Over $7bn To Economy
Business

Nigeria Sees Growth In Creative Industry As Sector Contributes Over $7bn To Economy

2025/08/10
Empowering First-Time Homebuyers Through Policy And Education
Business

Federal Gov’t Lowers Mortgage Rates, Reduces Down Payments For Home Ownership

2025/08/10
NIPCO’s CNG Investments Align with Nigeria’s Energy Goals – Tinubu
Business

NIPCO Seeks To Sustain Downstream Oil Sector Investment

2025/08/10
ExxonMobil Posts $19.7bn Earnings In Q3, 2022
Business

ExxonMobil To Provide Investment Insights In Nigeria’s Deepwater Frontier At 2025 AEW

2025/08/10
Leadership Conference advertisement

LATEST

Community Shield: Crystal Palace Stun Liverpool At Wembley

Troops Kill Terror Kingpin Amirul Fiya, 3 Others In Borno

Ex-SGF Mustapha Denies Talks With Opposition, Says ‘I Remain In APC’

Police Nab Suspected Armed Robbers, Kidnapers In Nasarawa

CAS Reaffirms Readiness To Protect Lives, Properties

Troops Arrest Fraudster For Impersonating OPSH Personnel

NYSC Denies Withholding Corps Member’s Certificate For Criticising Tinubu

ADC Candidate Denies Withdrawal From FCT Chairmanship Race

Again, Gunmen Kill Policeman, 4 Others In Kwara Community

Police Arrest Suspected Robbers, Recover SUV, Firearms In Delta

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.