Nigeria’s Local Currency Crude Oil Plan Hits Roadblocks

Nigeria’s ambitious strategy to price crude oil in naira for local refineries has encountered significant setbacks just two months after its rollout. Spearheaded by the Nigerian National Petroleum Company (NNPC), the plan’s goal was to stabilize the country's dollar reserves while ensuring sufficient crude supply for domestic refining. But the initiative appears to be faltering. Major players like Dangote Oil Refinery are receiving only a fraction of what it was promised. According to Edwin Devakumar, the Dangote refinery's executive...