The Federal Government has introduced crude oil sales in Naira to support local refineries, reduce foreign exchange risks, and lower transaction costs.
President Bola Tinubu, represented by Minister of State for Finance Doris Uzoka-Anite, announced this at the Nigeria International Energy Summit (NIES 2025) in Abuja. He stated that the initiative would stabilise the domestic market, lower fuel prices, and cushion the impact of fuel subsidy removal.
Tinubu also highlighted Nigeria’s growing influence in the global energy sector, citing key reforms, increased oil production, and the establishment of the African Energy Bank headquarters in Nigeria. The government remains focused on completing major gas infrastructure projects and creating a business-friendly environment to attract investment.
With the revival of the Port Harcourt and Warri refineries, the country aims to expand local crude processing, ensuring more affordable petroleum products for Nigerians.
Credit: NAN (Text Excluding Headline)
