ABUJA, NIGERIA – The Federal Government has approved the resumption of fuel imports as the escalating conflict between the United States and Iran disrupts global oil supply chains, dealing a heavy blow to the Dangote Refinery amid mounting foreign exchange losses.
The decision, announced by the Nigerian National Petroleum Company Limited (NNPCL) on Thursday, reverses the government’s earlier policy of exclusive domestic refining. Officials cited supply disruptions and soaring crude prices following military strikes in the Gulf region as reasons for the policy shift.
The development comes as a major setback for the $20 billion Dangote Refinery, which has been grappling with significant foreign exchange losses due to the naira’s volatility and the rising cost of crude feedstock. Industry sources indicate that the refinery’s operating costs have surged, with the company recording substantial FX-related losses in recent weeks.
“The conflict has introduced new variables into the global energy market. We must ensure energy security for Nigerians,” an NNPCL spokesperson said.
The Dangote Group has yet to issue an official statement, but sources close to the company described the situation as “challenging.”
The reopening of fuel imports is expected to stabilize supply in the short term, but analysts warn it could undermine the long-term goal of domestic refining sufficiency and put additional pressure on the naira.
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