Edun: Naira-for-Crude initiative will boost local refining, energy security
Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has disclosed that the Technical Sub-Committee on the Crude and Refined Product Sales in Naira is making significant strides in implementing the federal government’s initiative to facilitate crude oil and refined product transactions using the Naira.
“This initiative plays a critical role in President Bola Tinubu’s broader economic strategy to stabilize the Naira, enhance energy security, and deepen local value addition within Nigeria’s petroleum sector,” Edun stated during a meeting of the committee in Abuja.
During the meeting, which saw participation from key stakeholders in the oil and gas industry, the committee reviewed implementation milestones and noted positive progress since its last engagement. Edun expressed his contentment with the level of inter-agency collaboration and active involvement from relevant stakeholders.
Among those present were Mr. Zacch Adedeji, Executive Chairman of the Federal Inland Revenue Service (FIRS) and Chairman of the Technical Sub-Committee, as well as Ms. Olu Verheijen, Special Adviser to the President on Energy. Representatives from the Nigerian National Petroleum Company Limited (NNPCL), local refining companies, and various regulatory bodies were also in attendance.
Edun added, “This naira-for-crude initiative is expected to lessen Nigeria’s dependency on foreign exchange for our domestic energy transactions, while simultaneously encouraging investments in our local refining capacity.”
Source: Daily Trust
