(Bloomberg) -- Nigeria will end the exchange of its crude for fuel by 2023 as domestic refining capacity improves, ThisDay newspaper reports, citing Mele Kyari, head of the state-owned oil company.
The rehabilitation of the government's refineries and the completion of a $15 billion refinery and petrochemical complex owned by Aliko Dangote will reduce the nation's dependence on crude-for-fuel swaps, the Lagos-based newspaper reported Kyari, group managing director of the Nigerian National Petroleum Corp., as saying.
Swap contracts between the NNPC and traders including Vitol SA and Trafigura Group currently account for almost all of Nigeria's fuel imports.
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