Nigeria inches closer to energy sufficiency as crude supply to local refineries hits 67.6m barrels

Abiola Olawale
Writer

Ad

China holds lending rates steady despite the United States cut

By Obinna Uballa China kept its benchmark lending rates unchanged on Monday, defying last week’s interest rate cut by the United States Federal Reserve, as Beijing opts for caution despite signs of economic weakness. The People’s Bank of China (PBOC) left the one-year loan prime rate (LPR) at 3.0% and the five-year LPR at 3.5%,…

Akpabio vs Natasha: Court adjourns cybercrime trial to Oct 20 over objection

By Obinna Uballa The planned commencement of trial in the cybercrime case against suspended Kogi Central senator, Natasha Akpoti-Uduaghan, at the Federal High Court, Abuja, was on Monday stalled following a preliminary objection by her counsel, Ehiogie West-Idahosa (SAN). Akpoti-Uduaghan faces a six-count charge under the Cybercrimes (Prohibition, Prevention, etc.) (Amendment) Act, 2024, in suit…

Otedola: I back Dangote as Over N2trn was looted via fake subsidy claims

By Obinna Uballa Billionaire businessman, Femi Otedola, has alleged that more than N2 trillion was siphoned through questionable petrol subsidy claims during the administration of former President Goodluck Jonathan, with depot licence holders emerging as the chief beneficiaries. Otedola made the claim in a statement on Monday while defending the Dangote Petroleum Refinery (DPR) in…

Ad

By Obinna Uballa

Nigeria’s push for energy self-sufficiency has received a boost as the Federal Government disclosed that 67,657,559 barrels of crude oil were delivered to domestic refineries between January and August 2025.

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC), which confirmed the figure, said the supplies were made under the Petroleum Industry Act 2021 and the Domestic Crude Supply Obligation (DCSO) policy aimed at guaranteeing feedstock for local processors.

Head of Media and Strategic Communications at NUPRC, Eniola Akinkuotu, said the barrels were allocated to modular and state-owned refining facilities, including Waltersmith, Aradel Energy, and refineries run by the Nigerian National Petroleum Company Limited.

“A total of 67,657,559 barrels were delivered to local refiners between January and August this year,” he said on Sunday in Abuja.

The allocation represents growing compliance with the DCSO framework, designed to cut Nigeria’s reliance on imported petroleum products. Analysts say it signals renewed hope for the country’s refining revolution, with both state and private refineries expected to ramp up production.

However, challenges remain. Refiners had projected a demand of 123.4 million barrels for the first half of 2025 but received about 45 per cent less, leaving a significant gap between requirement and supply.

Operators have long complained of difficulties accessing crude locally, alleging that upstream producers prefer selling to international buyers who pay in dollars.

The Publicity Secretary of the Crude Oil Refiners Association of Nigeria, Eche Idoko, warned in July that the “willing buyer, willing seller” model continues to disadvantage local processors struggling with exchange rate volatility.

Ad

Unlocking Opportunities in the Gulf of Guinea during UNGA80
X whatsapp