Oil loans disrupt Nigeria’s naira-for-crude deal

…Discussions are ongoing, says NNPC

A controversial naira-for-crude arrangement between the Nigerian government and refiners, including the giant Dangote Refinery, has hit a brick wall due to the impact of oil-backed loans on the country’s crude oil production.

The naira-for-crude deal is designed to supply domestic refiners with crude oil in exchange for naira payments. With the deal now stalled, local refineries will rely on international suppliers for feedstock, gulping huge costs in dollars.

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