The move, New Telegraph learnt at the weekend, came as talks between $15 billion Dangote Petroleum Refinery and Petrochemical and the Nigerian National Petroleum Corporation (NNPC) advanced. The discussion and the move to begin refineries’ rehabilitarion, starting with the 210,000 barrels per day Port Harcourt refinery are expected to end the swap deals, according to findings by this newspaper. The crude swap also known as the Direct Sale Direct Purchase (DSDP) contract is a contract government signed with refiners for the unused crude oil originally allocated to the non-functioning refineries in Nigeria.

Through the contract, NNPC supply crude oil to refiners and get refined products in return. NNPC, it would be recalled, had concluded plans to sell crude oil to the Dangote refinery in naira.

This is part of measures adopted to strengthen the currency and, by extension, the nation’s economy.

The Governor of Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, who visited to inspect the on-going construction of the Dangote Refinery, Petrochemicals Complex Fertiliser Plant and Subsea Gas Pipeline project at Ibeju Lekki, Lagos, had said: “We have taken the decision to sell crude to the refinery in naira because we want to impact the economy.

“We also hope that by the time the refinery start to refine and sell its petroleum products in naira, the local currency will be stronger and, by extension, the nation’s economy, which is still oil-driven.”

According to him, this is expected to help Nigeria save about 41 per cent of its foreign exchange that is being expended on the importation of refined petroleum products.

Emefiele, who noted that the first shipment of Urea from the Dangote Fertiliser Plant would begin this month, said: “Based on agreement and discussions with the Nigerian National Petroleum Corporation and the oil companies, Dangote refinery can buy its crude in naira, refine it and produce it for Nigerians’ use in naira.

“That is the element where foreign exchange is saved for the country becomes very clear. We are also very optimistic that by refining this product here in Nigeria, all those costs associated with either demurrage from import, costs associated with the freight will be totally eliminated.

“This will make the price of our petroleum products cheaper in naira. If we are lucky that what the refinery produces is more than we need locally, you will see Nigerian businessmen buying small vessels to take them to our West African neighbours to sell to them in naira.”