Nigeria progresses with naira-based crude, product sales initiative

The Nigerian government’s plan for crude oil and refined product transactions in Naira is advancing, aiming to stabilize the currency and boost the local energy sector

[dropcap]T[/dropcap]he Technical Sub-Committee on the Crude and Refined Product Sales in Naira is actively implementing the federal government’s policy to conduct transactions within Nigeria’s petroleum sector in Naira, according to the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun.

Also read: NNPC records N336.37bn in crude oil sales in Q1 2025 as Dangote Refinery takes lion’s share

Speaking at a committee meeting in Abuja, Minister Edun, who chairs the panel, expressed satisfaction with the strong collaboration among government agencies and key stakeholders in the oil and gas industry.

The meeting reviewed the progress made on the implementation milestones of this significant policy.

Key attendees included the Executive Chairman of the Federal Inland Revenue Service (FIRS) and Chairman of the Technical Sub-Committee, Mr. Zacch Adedeji; the Special Adviser to the President on Energy, Ms. Olu Verheijen; and senior officials from the Nigerian National Petroleum Company Limited (NNPCL).

Representatives from local refining companies and regulatory bodies such as the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), and the Nigerian Ports Authority (NPA) were also present.

The initiative is part of President Bola Tinubu’s broader economic strategy to stabilise the Naira, improve energy security, and deepen local value addition within Nigeria’s petroleum sector.

The Naira-for-Crude initiative is a core component of President Bola Tinubu’s economic strategy aimed at reducing Nigeria’s reliance on foreign exchange for domestic energy transactions and stimulating investment in local refining capabilities.

This policy aligns with broader efforts to curb inflation, enhance domestic production, and improve the nation’s trade balance.

The recent meeting focused on refining supply chain arrangements, pricing frameworks, and ensuring regulatory alignment to guarantee the long-term success of the program.

In related news, the NNPCL and Dangote Refinery have pledged to strengthen their strategic partnership to bolster Nigeria’s energy security and promote shared prosperity.

Also read: FG reaffirms naira-for-crude deal with Dangote refinery

This commitment was made during a visit by Alhaji Aliko Dangote to the NNPCL headquarters, where both parties emphasized cooperation over competition and a shared vision for the Nigerian oil industry.

Quadri Olaitan

Quadri Olaitan is a journalist and contributor to Freelanews.com, covering news, public affairs, and human-interest stories.