Market News

The Federal Government’s Steering Committee on the Crude-for-Naira initiative has emphasized the importance of collaboration through a One-Stop Shop mechanism, aimed at accelerating Nigeria’s transition to a self-reliant energy market.

The crude-for-naira framework is a key part of government efforts to stabilize the foreign exchange market, support local industry, and reduce dependency on fuel imports—offering long-term economic benefits to both the public and private sectors.

At its latest meeting held Thursday night, the committee brought together top officials including the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, alongside key representatives from the Federal Inland Revenue Service (FIRS), Nigerian National Petroleum Company Limited (NNPC), Dangote and NNPC Refineries, Central Bank of Nigeria (CBN), Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Nigerian Upstream Petroleum Regulatory Commission (NUPRC), and the Nigerian Ports Authority (NPA).

A statement released by the Director of Information at the Ministry of Finance, Mr. Mohammed Manga, noted that the committee’s review marks a significant milestone in Nigeria’s ongoing energy market reforms. The initiative is expected to enhance economic stability and promote sustainable growth.

The statement confirmed that Mr. Edun participated in the high-level meeting of the Federal Executive Council’s Steering Committee on Domestic Crude Oil and Refined Products Sales in Naira, which is central to advancing the government’s broader economic reform agenda.