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Nigeria’s President Bola Tinubu has reaffirmed his commitment to stabilizing the country’s downstream sector through the sale of crude oil and refined products in Naira. This move aims to eliminate exchange rate hurdles and promote progressive economic decisions.

He urged stakeholders to partner with Afreximbank to resolve Naira pricing for crude and refined products.

Market-Driven Approach

During a review meeting with the technical committee, Tinubu emphasized the importance of a market-driven approach. “The market must determine what we are doing. Once you allow the market to determine profit and loss, independent marketers and the government can meet on the worksheet,” he stated.

Key Stakeholders Onboard

Minister of Finance Wale Edun confirmed that the government will not reverse its decision to sell crude in Naira. Edun also assured that the government will not dictate exchange rates for the oil sector.

Aliko Dangote, President and Chief Executive of Dangote Group, reported that his refinery has over 500 million liters of fuel in reserve. Dangote expressed willingness to collaborate with NNPC refineries to meet local petrol demands.

Ending Importation

Federal Inland Revenue Service (FIRS) Chairman Zach Adedeji stressed the need to end importation of refined products once Nigeria develops sufficient production capacity. “The vision of Mr. President is to turn Nigeria into a hub for refined products to export globally,” Adedeji explained.

Petrol Price Hike

Meanwhile, NNPC has increased the pump price of petrol for the third time in less than two months, with prices in Lagos and Abuja rising to N1,025 and N1,060 per liter, respectively.

Optimizing Nigeria’s Energy Sector

Tinubu’s administration aims to create a favorable environment for private sector investment, job creation, and economic growth. By promoting local production and exportation of refined products, Nigeria can become a key player in the global energy market.