Market News
FG forges ahead with Naira-for-Crude policy implementation -
• Dangote: We’re not in competition with NNPCL
• Oil giants reaffirm commitment to energy security
The Technical Sub-Committee on the Crude and Refined Product Sales in Naira is proceeding with the implementation of the federal government’s initiative to conduct crude oil and refined product transactions in Naira, Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun said yesterday.
The initiative is part of President Bola Tinubu’s broader economic strategy to stabilise the Naira, improve energy security, and deepen local value addition within Nigeria’s petroleum sector.
Edun, speaking during a meeting of the committee in Abuja, expressed satisfaction with the level of inter-agency collaboration and the involvement of relevant stakeholders.
The minister is the panel chairman.
The meeting, according to a statement by the Finance Ministry, reviewed the implementation milestones of the policy and noted progress made since its last engagement.
In attendance were key players in the oil and gas industry including the Executive Chairman of the Federal Inland Revenue Service (FIRS) and Chairman of the Technical Sub-Committee, Mr. Zacch Adedeji; Special Adviser to the President on Energy, Ms. Olu Verheijen and senior officials of the Nigerian National Petroleum Company Limited (NNPCL).
Also present were representatives of local refining companies and regulatory agencies such as the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigerian Ports Authority (NPA).
The Naira-for-Crude initiative is expected to reduce Nigeria’s dependency on foreign exchange for domestic energy transactions, while also encouraging investments in local refining capacity.
It aligns with broader economic reform efforts focused on reducing inflationary pressures, boosting domestic production and improving the country’s trade balance.
Yesterday’s meeting was a continuation of the government’s phased approach to policy implementation, with attention now turning to refining supply chain arrangements, pricing frameworks and regulatory alignment to ensure the sustainability of the programme.
NNPC, Dangote strengthen strategic partnership
Two critical players in the nation’s oil industry NNPCL and Dangote Refinery have pledged to deepen collaboration aimed at ensuring Nigeria’s energy security and advancing shared prosperity for the citizens.
The commitment was made during a courtesy visit by the President/Chief Executive of Dangote Group, Alhaji Aliko Dangote to the Group Chief Executive Officer of NNPC Ltd., Mr. Bashir Bayo Ojulari, at the NNPC Towers on Thursday.
Dangote pledged to collaborate with the new NNPC Management to ensure energy security for Nigeria.
“There is no competition between us. We are not here to compete with NNPC Ltd,” he said.
He added: “NNPC is part and parcel of our business and we are also part of NNPC. This is an era of co-operation between the two organisations.”
He congratulated the GCEO and the Senior Management Team on their “well-deserved appointments.”
He expressed confidence in the ability of the new NNPC management team to shoulder the enormous task ahead of them.
In his remarks, Mr. Ojulari assured Dangote of a mutually beneficial partnership anchored on healthy competition and productive collaboration.
Ojulari highlighted the exceptional caliber of talent he met in NNPC Ltd., describing the workforce as dedicated, highly skilled and hardworking professionals who are consistently keen on delivering value for Nigeria.
He spoke of the determination of the management team to build a legacy of national prosperity through innovation and shared purpose.
The company, he said, would sustain its collaboration with the Dangote Group, especially where there is commercial advantage for Nigeria.
