The Nigeria Labour Congress (NLC) has called on the Federal Government to initiate a strategic shift in its crude oil sales policy by offering locally refined crude to the Dangote Refinery in Naira rather than in U.S. dollars. The move, the NLC argues, would significantly reduce the cost of fuel for Nigerians and strengthen the local economy.
Speaking at a press briefing in Abuja, NLC President, Comrade Joe Ajaero, emphasized that selling crude in foreign currency to a domestic refinery undermines the potential benefits of local refining and keeps fuel prices artificially high.
“It is counterproductive for Nigeria to sell its crude oil in dollars to a refinery located within its borders,” Ajaero stated. “If the Dangote Refinery is buying crude in dollars, it will inevitably pass on the cost to consumers. Selling in Naira will not only reduce fuel prices but also ease inflationary pressures and support the naira.”
The NLC’s proposal comes amid growing public frustration over rising fuel prices following the removal of fuel subsidies. With the Dangote Refinery now operational and poised to meet a significant portion of Nigeria’s fuel demand, the Congress believes this policy shift could be a game-changer for economic relief.
The NLC also urged the government to engage in transparent negotiations with the Dangote Group and other stakeholders to ensure the policy is implemented fairly and efficiently.