Sale of crude oil in Naira was a strategic move to enhance operational efficiency of local refineries – Tinubu

The Federal Government said the introduction of the sale of crude oil in Naira was a strategic move to enhance operational efficiency of local refineries by reducing foreign exchange risks and transaction costs.

President Bola Tinubu made this known on Tuesday, while officially declaring the eight edition of the Nigeria International Energy Summit (NIES 2025) open in Abuja.

The 2025 summit has its theme as “Bridging Continents: Connecting Investors Worldwide with Africa’s Energy Potential”

Represent by Dr Doris Uzoka-Anite, Minister of State for Finance, Mr Tinubu said the move had also fostered a stronger and more stable domestic market.

“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 said in 2025, the country had continued witnessing a renaissance in the oil and gas sector, characterised by transformative initiatives and significant milestones.

He said for close to two years, his administration had remained resolute in driving reforms and milestones in Nigeria’s energy sector and the economy at large.

He said these reforms, including the removal of the fuel subsidy and Forex liberalisation which were two main reforms of the administration in the first year had liberalised the economy, making it an investment destination of choice.

Highlighting some key achievements that positioned the economy as a global energy powerhouse, he said Nigeria’s selection as a host country for the headquarters of the African Energy Bank was a historic milestone in the sector.

He said the achievement reaffirmed Nigeria’s leadership in Africa’s energy landscape and commitment to driving sustainable development across the continent.