In a decisive move to bolster Nigeria’s oil sector, President Bola Ahmed Tinubu has assured stakeholders of enhanced stability through the Naira-based transactions for crude oil and refined products.
Speaking during a review meeting at the State House, Tinubu praised the Implementation Committee for its efforts and urged swift resolution of any challenges.
The President emphasized that using the Naira aims to eliminate past exchange rate hurdles, stating, “We must not revert to the practices of the last 40 years.”
He called on major players, including the Nigerian National Petroleum Corporation Ltd and Dangote Refinery, to focus on self-sufficiency in petrol supply, reducing the nation’s reliance on imports and redirecting foreign exchange towards economic development.
Encouraging stakeholders to utilize Afreximbank as a settlement bank, Tinubu stated, “The market must determine our actions.” He stressed the importance of energy security and the need for predictability in the sector, ensuring that initiatives benefit both the economy and the Nigerian populace.
Wale Edun, the Finance Minister, reinforced the administration’s commitment to this groundbreaking approach, while Alhaji Aliko Dangote announced that his refinery currently holds over 500 million litres of fuel in reserve, ready to collaborate to meet domestic demand.
With a vision to transform Nigeria into a hub for refined products, the meeting included key stakeholders from the oil sector, signaling a united front for future growth and stability in the nation’s energy landscape.
Bayo Onanuga
Special Adviser to the President (Information and Strategy)
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