In a significant move to bolster Nigeria’s energy sector, Aliko Dangote, President and CEO of the Dangote Group, met with Bashir Bayo Ojulari, Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC Ltd.), in Abuja on May 8, 2025. The meeting aimed to strengthen the partnership between the two entities, focusing on promoting mutually beneficial collaborations and fostering healthy competition to ensure the nation’s energy security and economic prosperity.
During the discussions, both leaders emphasized the importance of synergy in transforming Nigeria’s energy landscape. Dangote highlighted the potential of collaborative efforts to achieve what many consider impossible, praising the new NNPC Ltd. management team for its industry expertise and professionalism. Ojulari reciprocated by acknowledging Dangote’s contributions to Africa’s industrial development and expressed optimism about the positive outcomes of their renewed collaboration.
The meeting also addressed past tensions between the two organizations, particularly during the tenure of former NNPC CEO Mele Kyari. Under Kyari’s leadership, the relationship between NNPC and Dangote’s 650,000 barrels per day refinery in Lagos was strained, especially concerning equity stakes and crude supply agreements. The recent dialogue signifies a commitment to moving beyond previous challenges and working together for the nation’s benefit.
A key topic was the “naira-for-crude” deal, an initiative where NNPC sells crude oil to local refineries, including Dangote’s, in Nigerian naira instead of U.S. dollars. This policy aims to reduce pressure on foreign exchange reserves and stabilize fuel prices. Both parties reaffirmed their commitment to this arrangement, viewing it as a strategic step towards enhancing domestic refining capacity and economic resilience.
The renewed partnership between Dangote Group and NNPC Ltd. is expected to play a pivotal role in Nigeria’s quest for energy self-sufficiency and industrial growth. By aligning their efforts, the two organizations aim to drive significant advancements in the country’s oil and gas sector, ultimately contributing to national development and prosperity.
