President Bola Tinubu on Tuesday praised the efforts of the Implementation Committee on Naira-based sales for crude oil and refined products and encouraged swift solutions to any initial challenges. In a review meeting held at the State House in Abuja, he emphasized that the decision to conduct oil transactions in Naira was intended to bypass exchange rate complexities that have previously hindered the industry.
“Whatever solution we propose for crude oil and refined products sales in Naira should not revert us to the experiences of the past 40 years,” President Tinubu stated. He emphasized that while adjustments in oil sector costs and revenue may be necessary, the approach should fundamentally differ from past practices.
Tinubu called on key players, including the Nigerian National Petroleum Corporation Ltd. (NNPCL) and the Dangote Refinery, to prioritize improving the economy and enhancing the livelihoods of Nigerians. He stressed the importance of focusing on domestic supply to curb dependency on petroleum imports, thus freeing up foreign exchange for investment in the real sector.
To facilitate Naira pricing, the President recommended using Afreximbank as a settlement bank, highlighting its current role as financial adviser for the initiative. “The market must determine what we are doing. Once we allow the market to define profit and loss, independent marketers and government can find common ground,” he stated.
