In a major step toward stabilizing the Naira and boosting domestic economic resilience, the Federal Government on Thursday announced progress in implementing its policy to sell crude oil and refined petroleum products in Naira.
At a follow-up meeting of the Technical Sub-Committee on Crude and Refined Product Sales in Naira, chaired by Minister of Finance and Coordinating Minister of the Economy, Wale Edun, stakeholders reaffirmed their commitment to the policy, which is central to President Bola Tinubu’s economic agenda.
Director of Information and Public Relations, Muhammed Manga in a statemeny said the meeting was attended by key industry and regulatory players—including FIRS Chairman Zacch Adedeji, Presidential Adviser on Energy Olu Verheijen, representatives of NNPCL, NMDPRA, NUPRC, and the Nigerian Ports Authority
The statement indicated that the meeting reviewed milestones recorded since the last engagement.
Sources at the meeting said the shift to Naira-based oil transactions is already yielding early wins, including improved collaboration across government agencies and stronger momentum for domestic refining and value addition.
“The policy is not just about currency stability. It’s about economic sovereignty,” one senior official said. “We are aligning Nigeria’s energy policy with national interest by ensuring that oil revenues strengthen the Naira and support local development.”
Minister Edun praised the synergy among institutions and emphasized that regular updates will be provided as implementation deepens. The initiative is seen as part of broader structural reforms aimed at reversing dollar dependency, supporting local refining, and shielding Nigeria from external shocks.
Analysts say that if fully executed, the policy could mark a turning point in Nigeria’s oil and currency dynamics—channeling oil wealth more directly into the local economy.
According to the statement, the next phase of the implementation will focus on refining capacity expansion, regulatory streamlining, and incentives to encourage compliance across public and private operators.
