Nigeria will receive $200 million in from oil companies in order to pay for fuel imports and ease the fuel scarcity situation in the country, the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC) revealed.

The country which relies on import to feed its fuel needs, is currently suffering from the shortage of hard currency as a result of the decline in oil revenues.

“For the first time in this country I have been able to convince the upstream companies to provide some FX buffer over the next one year for those who are bringing in products,” Emmanuel Kachikwu said.

He added that the oil companies involved the deal are Total, and Shell which are to work with local fuel importer Conoil and Eni collaborating with Oando.

Kachikwu had revealed in March that the country was in negotiations with Chevron, Total and Eni for assistance in renovating the indisposed refineries. He had also said that the flow of crude has recommenced to the Port Harcourt, Warri and Kaduna refineries, Reuters reports.

Anita Fatunji