The Federal Government has reaffirmed its commitment to implementing the naira-for-crude oil policy, a key economic strategy aimed at stabilizing Nigeria's currency and boosting local refining capacity.
Finance Minister Wale Edun, who chairs the Technical Sub-Committee on Crude and Refined Product Sales in Naira, expressed satisfaction with progress made during a recent meeting in Abuja. According to a ministry statement, the initiative is part of President Tinubu's broader economic reforms to reduce forex dependence and enhance energy security.
Notable stakeholders at the meeting included FIRS Chairman Zacch Adedeji, Presidential Energy Adviser Olu Verheijen, and representatives from NNPCL, NMDPRA, NUPRC, NPA, and local refiners. The policy seeks to conduct all crude oil and petroleum product transactions in naira rather than dollars.
Edun emphasized that the move will incentivize domestic refining investments while protecting Nigeria's foreign reserves. The committee reviewed implementation milestones and strengthened inter-agency collaboration for seamless execution.
#NairaForCrude #TinubuPolicy #NigeriaEconomy #ForexReform #EnergySecurity #NNPCL #NigeriaOilSector #EconomicReforms