The NNPC has announced an end to petroleum importation, transitioning fully to local supply through the Dangote Refinery.

After decades of massive importation of petroleum products, the Nigerian National Petroleum Company Limited (NNPC) on Monday announced that it had finally ended the age-long practice.

The development is expected to save Nigeria as much as $10 billion in hard currency in-country annually, as the national oil company said it now buys from the 650,000 barrels per day Dangote Petroleum Refinery located in Lagos.Group Chief Executive Officer of NNPC, Mr. Mele Kyari, disclosed this in Lagos, while delivering his keynote message at the ongoing 42nd annual international conference and exhibition of the Nigerian Association of Petroleum Explorationists (NAPE).

The announcement came amid another cheery news by the Independent Petroleum Marketers Association of Nigeria (IPMAN) that it had struck a deal to buy products directly from the $20 billion Dangote facility.The previous arrangement was for the independent marketers to buy from the NNPC and not from the Dangote Refinery, a practice the oil sellers had vehemently opposed.