The Federal Government of Nigeria has announced that the Dangote Refinery has been granted exclusive authorization to supply jet fuel, or Jet A1, to all aircraft operating in the country.
This was revealed by the Minister of Aviation, Festus Keyamo, during an interview on Channels TV on Tuesday.
Keyamo explained that the airline operators have agreed to make the 650,000 barrels-per-day refinery their sole supplier of jet fuel, with his endorsement and support.
The airline operators just met recently. With my blessing, it’s a decision from the airline operators in Nigeria that they should only buy from Dangote refinery Jet A1.
“You can see that yesterday we started a naira-for-crude purchase with Dangote. It’s all Naira, no Dollar component,” Keyamo said.
“You can see that yesterday we started a naira-for-crude purchase with Dangote. It’s all Naira, no Dollar component,” Keyamo said.
He explained that the timing is good as Dangote and the federal government recently put the naira-for-crude agreement into effect.
Keyamo stressed that this arrangement would lessen the strain on foreign currency.
“The price will no longer be subjected to the varying factors of the international market, nor the headwinds of oil price in the international market. It will be in local currency so we can be clear as to the cost of it. We will buy in naira. I’m sure we are going to have access to cheaper Jet A1 fuel,” Keyamo said.
Credit: Vanguard News Nigeria