The Federal Government has announced the introduction of crude oil sales in Naira, a strategic move aimed at enhancing the efficiency of local refineries, reducing foreign exchange risks, and lowering transaction costs.
President Bola Tinubu disclosed this on Tuesday while officially declaring the eighth edition of the Nigeria International Energy Summit (NIES) in Abuja.
The 2025 summit, themed “Bridging Continents: Connecting Investors Worldwide with Africa’s Energy Potential,” is focused on positioning Nigeria as a key energy hub.
Represented by the Minister of State for Finance, Dr. Doris Uzoka-Anite, Tinubu emphasized that the initiative would strengthen the domestic market, ensuring a more stable and resilient energy sector.
“In order to ensure that the local refineries are very competitive, thereby lowering the cost of the retail price of petroleum products for our populace, we introduced the sale of crude oil in Naira. By denominating crude sales in Naira, we are supporting the local currency and creating a more resilient economy.
“This initiative is expected to result in more affordable petroleum products for our citizens, ultimately improving their standard of living and stimulating economic growth. This is also going to alleviate the effects of the fuel subsidy removal,” the President said.
He added that in 2025, the country had continued witnessing a renaissance in the oil and gas sector, characterized by transformative initiatives and significant milestones.