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NNPC to acquire 20% stake in private oil refineries

Nigeria’s President, Muhammadu Buhari, has set a new directive that authorises Nigerian National Petroleum (NNPC) to acquire a 20% stake in any private oil refinery producing at least 50kbd (2.5Mnta).

The directive has been set in a bid to attract investment and safeguard the nation's energy security, as well as enable private refineries to easily secure crude from the market.

NNPC’s first acquisition will be a 20% stake in the $19.5 Bn 650kbd (32.5Mnta) Dangote refinery in Lagos.