Algeria is coming to help Dangote Refinery: “Nigeria’s Dangote Refinery has acquired its first cargo of Algeria’s light sweet Saharan Blend crude, according to market sources cited by Argus Media, a global energy market intelligence provider. The refinery, Africa’s largest, secured 1 million barrels from trading firm Glencore, expected to be delivered between March 15 and 20. While neither party confirmed the deal or disclosed its price, this purchase marks a significant step for the 650,000 barrels-per-day refinery, which has been grappling with local crude supply shortages.”

Despite the Nigerian government’s earlier assurances to supply the refinery with sufficient domestic crude, Dangote has struggled to secure the requested 550,000 barrels per day (bpd) from local producers. So far, only 420,000 bpd of crude oil has been delivered to the refinery’s Lekki site this year, with 87% of this volume sourced from Nigeria, according to Vortexa data.

The refinery, which cost about $20 billion to build, aims to reduce Nigeria’s reliance on imported fuel and meet local demand. However, the persistent local crude supply challenges have forced it to look beyond Nigeria’s borders. The imported Saharan Blend crude, known for its light sweet quality, is competitively priced compared to Nigerian grades, aligning well with the refinery’s processing requirements.

Who would have thought  that access to crude oil will turn out to be a major risk vector for Dangote Refinery? Wonders shall never stop happening. I hope he does not relocate the refinery to Algeria!!! Lol.

In the Igbo Nation, the elders will say “agwa ogbenye ihe eji abu ogaranya, osi ka ya buru ogbenye ya bu [when you tell the poor what to do to become rich and wealth,  they would likely prefer to remain poor] because while most want to be rich, not many will be open to pay the price. For Aliko Dangote with his cement, farms, etc thriving, this refinery business is turning out to be a big headache in a country where all demons have sworn that Nigeria will never have ENERGY independence and that means no industrialization.

Dangote Refinery Imports Algerian Crude Amid Struggles to Secure Local Supply, Absorbs N16bn Loss for Nigerians

Nigeria’s Dangote Refinery has acquired its first cargo of Algeria’s light sweet Saharan Blend crude, according to market sources cited by Argus Media, a global energy market intelligence provider.

The refinery, Africa’s largest, secured 1 million barrels from trading firm Glencore, expected to be delivered between March 15 and 20. While neither party confirmed the deal or disclosed its price, this purchase marks a significant step for the 650,000 barrels-per-day refinery, which has been grappling with local crude supply shortages.

Despite the Nigerian government’s earlier assurances to supply the refinery with sufficient domestic crude, Dangote has struggled to secure the requested 550,000 barrels per day (bpd) from local producers. So far, only 420,000 bpd of crude oil has been delivered to the refinery’s Lekki site this year, with 87% of this volume sourced from Nigeria, according to Vortexa data.

The refinery, which cost about $20 billion to build, aims to reduce Nigeria’s reliance on imported fuel and meet local demand. However, the persistent local crude supply challenges have forced it to look beyond Nigeria’s borders. The imported Saharan Blend crude, known for its light sweet quality, is competitively priced compared to Nigerian grades, aligning well with the refinery’s processing requirements.

Market analysts suggest that sluggish demand for Saharan Blend in Europe, driven by seasonal refinery maintenance and ample light crude supply, may have encouraged the Algerian sellers to explore alternative markets such as Nigeria. The report indicates that Saharan Blend prices have dropped by $1 per barrel in March, at a 20¢ per barrel discount to the North Sea Dated benchmark on a free-on-board (fob) Algeria basis.

According to Devakumar Edwin, Head of the Dangote Oil Refinery, the facility has been operating at 85% capacity, with plans to reach 100% within 30 days. Initially, the refinery began processing diesel, naphtha, and jet fuel in January 2024 and added petrol processing in September of the same year. When fully operational, it aims to compete with European refineries.

Fuel Price Reduction Amid Importation

Amid the backdrop of importing crude, Dangote Refinery has announced a significant reduction in fuel prices. In a statement issued over the weekend, Dangote Petroleum Refinery & Petrochemicals disclosed it would absorb a N16 billion loss by refunding N65 per liter to marketers, ensuring Nigerians benefit from cheaper fuel.

The refinery has reduced its gantry price from N890 per liter to N825 per liter. It has pledged to refund marketers who bought Premium Motor Spirit (PMS) at higher rates before the price drop.

“The step, effective February 27, 2025, guarantees that none of our valued business partners will experience a loss due to the price change. More importantly, it ensures that the new, lower rate takes immediate effect nationwide for the benefit of the Nigerian people,” the statement read.

Dangote Refinery has urged marketers to pass on the benefits of the new pricing to consumers, warning against profiteering. It condemned practices where fuel purchased at N825 per liter is sold to consumers at N945 or more, describing this as “unpatriotic and detrimental to the welfare of Nigerians.”

To enforce this, the refinery encouraged consumers who purchase fuel above the advertised rates at key partners—AP (Ardova Plc), Heyden, or MRS—to report with receipts for a full refund of the excess amount. The refinery’s approved rates per liter vary by region, ensuring no Nigerian pays more than N900 per liter for PMS, regardless of location or petrol station.

The refinery emphasized that its price reduction initiative aligns with President Bola Tinubu’s Renewed Hope Agenda, which aims to stimulate Nigeria’s economy and promote self-sufficiency in critical sectors like energy. The company reaffirmed its commitment to providing eco-friendly, high-quality fuel that enhances vehicle performance and supports public health.

A Complex Energy Industry

Dangote Refinery’s crude importation underscores the challenges Nigeria faces in its quest for energy independence. While the government had promised sufficient local crude oil supply, the reality on the ground appears different, forcing the refinery to turn to international markets.

This development also raises questions about Nigeria’s broader oil production strategy, especially when a key domestic player must import crude to keep operations running. For consumers, however, the immediate benefit is the refinery’s initiative to lower fuel prices and absorb losses to ensure affordability.

President Donald Trump will host and deliver remarks at the first-ever White House Crypto Summit on Friday, March 7, 2025. The summit will include prominent founders, CEOs, and investors from the crypto industry, as well as members of the President’s Working Group on Digital Assets. It will be chaired by White House A.I. & Crypto Czar David Sacks and administered by the Working Group’s Executive Director, Bo Hines.

President Trump signed Executive Order 14178 shortly after taking office, establishing a policy to support the “responsible growth and use of digital assets, blockchain technology, and related technologies across all sectors of the economy.” This order revoked Executive Order 14067 (March 9, 2022), which focused on ensuring responsible development of digital assets under the previous administration and directed the Treasury Department to revoke its “Framework for International Engagement on Digital Assets” from July 7, 2022.

The order explicitly prohibits the establishment of Central Bank Digital Currencies (CBDCs) in the U.S., citing threats to financial stability, individual privacy, and U.S. dollar sovereignty. It emphasizes protecting citizens’ ability to use public blockchain networks, promoting U.S. dollar sovereignty through stablecoins, and ensuring fair access to banking services for crypto companies.

The executive order created a Working Group on Digital Assets, chaired by White House A.I. & Crypto Czar David Sacks and administered by Executive Director Bo Hines. The group includes officials from key agencies such as the Treasury Department, Department of Justice, Securities and Exchange Commission (SEC), and Commodity Futures Trading Commission (CFTC). Within 180 days of the order, the Working Group is tasked with submitting a report to the President, proposing a federal regulatory framework for digital assets, including:

Governance of the issuance and operation of digital assets, such as stablecoins. Market structure, oversight, consumer protection, and risk management. Evaluation of a national digital asset stockpile, potentially using cryptocurrencies seized through law enforcement efforts, and criteria for establishing such a stockpile.

The summit, hosted by President Trump, aims to bring together prominent founders, CEOs, investors from the crypto industry, and members of the Working Group to discuss regulatory policies. It is expected to provide clarity on upcoming crypto regulations, with a focus on:

Stablecoin Regulation: There is significant interest in creating a regulatory framework for stablecoins to extend the U.S. dollar’s dominance internationally and ensure consumer protection.

Bitcoin and Digital Asset Reserves: The summit may address the feasibility and structure of a U.S. Strategic Crypto Reserve, which Trump has indicated will include Bitcoin (BTC), Ethereum (ETH), XRP, Solana (SOL), and Cardano (ADA), among other “valuable cryptocurrencies.” This aligns with state-level initiatives in at least 24 U.S. states exploring Bitcoin reserves.

Regulatory Clarity and Innovation: The administration is committed to providing a “clear regulatory framework” that enables innovation, protects economic liberty, and prevents the regulatory overreach seen under the previous Biden administration, which faced criticism for aggressive enforcement against crypto firms.

The SEC, under acting Chair Mark Uyeda, has taken steps to signal a pro-crypto stance, including Creating a “Crypto Task Force” to clarify the regulatory framework for crypto assets. Rescinding Staff Accounting Bulletin No. 121 (SAB 121), which had required crypto custodians to treat held assets as liabilities on their balance sheets, a move seen as stifling institutional adoption. This was replaced with new guidance (SAB 122) to encourage crypto custody.

Dropping or pausing lawsuits and investigations against major crypto firms like Coinbase, Binance, ConsenSys, Gemini, Uniswap and the Tron Foundation, reflecting a shift away from the Biden-era crackdown on fraud and money laundering. The administration has also pushed for bipartisan crypto-friendly legislation, with some Republican senators advocating to remove IRS reporting requirements for decentralized finance and new rules from the Consumer Financial Protection Bureau for digital wallets.

President Trump has positioned himself as “America’s first crypto president,” aiming to make the U.S. the “crypto capital of the world.” His administration seeks to reverse the previous administration’s tough regulatory approach, which included lawsuits against exchanges like FTX, Coinbase, and Binance, and to foster an environment where digital financial technology can thrive.

The policy emphasizes technology-neutral regulations, transparent decision-making, and well-defined jurisdictional boundaries to support a vibrant digital economy, permissionless blockchains, and distributed ledger technologies. The crypto community remains divided, with some skeptical of the administration’s motives, given Trump’s past criticism of crypto as a ”scam” and his family’s involvement in memecoins.

The Whitehouse Crypto event aims to support the responsible growth and use of digital assets across all sectors of the economy, reflecting President Trump’s commitment to providing a clear regulatory framework, enabling innovation, and protecting economic liberty in the digital financial technology space.