President Bola Tinubu has assured Nigerians that selling crude oil and refined products in Naira will stabilize the downstream sector, urging stakeholders to partner with Afreximbank to resolve naira pricing for crude and refined products.

At a review meeting of the technical committee on implementation of the new arrangement, Tinubu emphasized that this move will remove the exchange rate hurdle and promote progressive decisions.

Afreximbank is already on board as the financial adviser.

“The market must determine what we are doing. Once you allow the market to determine the profit and loss, independent marketers and the government side can meet on the worksheet,” Tinubu stated.

Minister of Finance Wale Edun confirmed that the administration’s groundbreaking steps to sell crude in Naira will not be reversed. Edun also noted that the government will not determine the exchange rate for the oil sector.

Aliko Dangote, President and Chief Executive of Dangote Group, reported that his refinery has over 500 million liters of fuel in reserve after supplying 400 million liters to the domestic market.

Dangote expressed willingness to collaborate with NNPC refineries to meet local petrol needs.

Chairman of Federal Inland Revenue Service (FIRS) Zach Adedeji emphasized the need to end importation of refined products once Nigeria develops sufficient production capacity. “The vision of Mr. President is to turn Nigeria into a hub for refined products to export to the world,” Adedeji explained.

Meanwhile, NNPC has raised the pump price of petrol for the third time in less than two months, with prices in Lagos and Abuja increasing to N1,025 and N1,060 per liter, respectively.

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