The naira-for-crude policy is not just a change in how oil is paid for. It shows that government and industry can work together to solve problems.
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For decades, we watched as our crude oil left Nigerian shores only to return as expensive imported fuel. We lost value and billions of dollars in foreign exchange every year. That cycle had to end. With the introduction of this policy, the Federal Government made a point: Nigeria will now prioritise local refining, pay for its crude in naira, and keep more of its resources within its economy.
The meeting reviewed the progress made so far. More than 48 million barrels of crude oil have been supplied to local refineries and paid for in naira. Monthly supply schedules are now in use, helping refineries plan better and avoid disruptions. Officials also discussed how the One-Stop Shop is making it easier for stakeholders to follow procedures and obtain approvals.
Nigerian refineries are now tapping into a more consistent pipeline of crude supply, which is helping to reduce downtime and improve throughput.This is what the Renewed Hope agenda represents, making the most of what we have to build a future for Nigerians. It is a step toward building an economy that focuses on local production, stable systems, and better opportunities for the people of our great nation.At Premium Times, we firmly believe in the importance of high-quality journalism.
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