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Breaking : Dangote PMS Refinery, under the Naira-for-Crude Agreement, Set For Delivery by September to bolster the local economy
The Federal Ministry of Finance has announced the first delivery of Premium Motor Spirit (PMS) from Dangote Refinery under the Naira-for-Crude agreement is expected in September 2024.
This development marks a pivotal moment in Nigeria’s efforts to redefine its crude oil sales and bolster the local economy through domestic currency transactions.
The statement from the Ministry of Finance, followed a meeting of the Implementation Committee on Crude Oil Sales in Naira confirmed the development.
The Implementation Committee, which is chaired by the Minister of Finance and Coordinating Minister for the Economy, Mr. Wale Edun, reviewed the progress of key initiatives aimed at transitioning crude oil sales from dollar to naira for local refineries.
The statement explained Dr. Zacch Adedeji, the Executive Chairman of the Federal Inland Revenue Service (FIRS) and Chairman of the Technical Sub-Committee, provided the crucial update on the impending PMS delivery.
According to the statement, the committee has mapped out the plan for the commencement of Naira payments for crude oil transactions, with the Dangote Refinery set to start making payments in Naira from October 1, 2024. This aligns with the broader economic strategy of the government to reduce dependency on foreign currencies in critical sectors and enhance the value of the Naira.
Key stakeholders identified for ensuring the smooth implementation of this transition include the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the Central Bank of Nigeria (CBN), the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), and the African Export-Import Bank (Afreximbank). These bodies have been tasked with coordinating efforts to support the September PMS delivery under the new payment framework.
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The move towards Naira-based crude oil transactions is expected to have far-reaching implications for the Nigerian economy. By anchoring such a vital economic activity in the local currency, the government aims to stabilize the Naira, reduce inflationary pressures from exchange rate volatility, and strengthen the nation’s fiscal resilience. Furthermore, the decision underscores Nigeria’s commitment to leveraging domestic resources to fuel its economic growth, aligning with broader goals of self-reliance and sustainable development.
In addition to the PMS delivery, the committee also reviewed progress on other key projects, notably the ongoing efforts at the Port Harcourt and Dangote Refineries. The statement from the finance ministry noted that significant increases in production are expected from November 2024, signaling a boost in domestic refining capacity that could reduce the nation’s reliance on imported petroleum products.
Edun, during the committee meeting, emphasised the need for transparency in the implementation process. He directed Dr. Adedeji and the Technical Sub-Committee to finalize all necessary details and prepare a comprehensive report for President Bola Tinubu, confirming that the directives issued are on track for the September rollout.
“With the Implementation Committee’s progress and Mr. Edun’s guidance, Nigeria is poised to witness a seamless transition to Crude Oil Sales in Naira. The collaboration among stakeholders, including regulatory bodies and financial institutions, will ensure a transparent and efficient implementation process,” the statement read.
As Nigeria approaches this critical economic milestone, the anticipated positive impacts on national growth and development are expected to set a new standard for economic prosperity.
The first delivery of PMS from the Dangote Refinery is a clear indication that Nigeria is moving towards a more robust and self-reliant economic structure, one that could redefine the country’s position in the global oil market while ensuring that the benefits of its vast natural resources are felt more directly by its people.
Nigeria’s D’Tigress have once again etched their name into the history books, emerging as champions of the 2025 FIBA Women’s Afrobasket in Côte d’Ivoire after a commanding 78-64 victory over Mali in Sunday’s final.
Led by head coach Rena Wakama, the Nigerian side delivered a stellar performance at the Palais des Sports de Treichville in Abidjan to secure their fifth straight continental crown — a feat no other nation has achieved in the tournament’s history.
The win also guarantees D’Tigress an automatic berth at the 2026 FIBA Women’s World Cup in Berlin, Germany.
Having edged past a tough Senegalese team in a dramatic semi-final, where they rallied in the fourth quarter to secure a hard-fought win, D’Tigress showed a different level of composure and dominance in the final against Mali.
Mali came out strong, finishing the first quarter with a 26-21 lead. But Nigeria responded swiftly, leveling the game 41-41 by halftime.
The third quarter saw D’Tigress turn on the style, as they pulled ahead 61-56. By the final quarter, the Nigerian side tightened their defense and restricted Mali to just eight points, cruising to a 14-point triumph.
With this latest victory, Nigeria has now lifted the Women’s Afrobasket trophy seven times in total — 2003, 2005, 2017, 2019, 2021, 2023, and 2025 — and remain unbeaten in the competition for a decade. The team’s last loss in the tournament dates back to October 2, 2015, against hosts Cameroon.
This fifth consecutive title reaffirms D’Tigress’ status as the undisputed queens of African women’s basketball.
President Bola Tinubu has bestowed the national honour of Officer of the Order of the Niger, on the Super Falcons and the entire technical crew.
He also allocated three-bedroom apartments in Abuja to each of the players and the technical crew at the Renewed Hope Estate.
The President also directed the cash award of the naira equivalent of $100,000 each of the 24 players and $50,000 to each of the 11-man technical crew.
This came during a reception in honour of the players and the coaching crew at the Presidential Villa, Abuja.
He said, “I hereby conferred on the players, the 11 man technical team with national honours of the Officer of the Order of the Niger.
“Additionally, I have I directed the allocation of three bedroom apartments in the Renewed Hope Housing Scheme.
“Then there is the cash award of the naira equivalent of $100,000 US dollars each 24 players and the naira equivalent of $50,000 to the 11-man technical crew.”
The President also said he didn’t want to watch the WAFCON final because he didn’t want to have high blood pressure.
Earlier, the President and the First Lady, Senator Oluremi Tinubu, received the Super Falcons at the Presidential Villa on Monday, following their record victory at the 2025 Women’s Africa Cup of Nations in Morocco on Saturday.
The coaster buses conveying the players and coaching crew arrived at the forecourt of the Aso Rock shortly before 04:36 p.m. local time.
The Super Falcons, 10-time African champions after their 3-2 comeback over the Atlas Lionesses Morocco, were received by the President’s Chief of Staff, Femi Gbajabiamila, upon their arrival.
In a post-match video call on Saturday night, President Tinubu praised captain and tournament MVP Rasheedat Ajibade.
He also praised Nigeria’s rally from a 2-0 half-time deficit to claim the WAFCON title.
Over the past decade, the Super Falcons have won four Women’s Africa Cup of Nations titles in 2014, 2016, 2018, and 2024, bringing their total to 10
The Super Falcons emerged champions of the 2024 Women’s Africa Cup of Nations (WAFCON) after pulling off a stunning second-half comeback to defeat hosts Morocco in a pulsating final.
The Moroccans had taken a 2-0 lead in the first half, capitalizing on early momentum and a roaring home crowd at the Prince Moulay Abdellah Stadium in Rabat.
But the Nigerians, showing the grit and pedigree that has made them the most successful team in the tournament’s history, roared back after the break.
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First Lady rallies Super Falcons to victory in WAFCON final
A spirited second-half display saw the Super Falcons flip the script in dramatic fashion, scoring twice to silence the home fans and reclaim the continental crown.
With this victory, Nigeria completes the 10th WAFCON title
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