The Nigerian government has released crude oil for sale in Naira as a strategic move to boost domestic refineries by minimising foreign exchange risks and reducing transaction costs.
President Bola Tinubu remarked these on Tuesday during the official opening of the 8th Nigeria International Energy Summit in Abuja.
The 2025 summit has the theme “Bridging Continents: Connecting Investors Worldwide with Africa’s Energy Potential”.
The Minister of State for Finance, Dr Doris Uzoka-Anite represented the President at the summit.
In Tinubu’s wprds, “To make our refineries very competitive, so that the retail price of petroleum products will be low for our people, we are selling crude in Naira. By selling crude in Naira, we are supporting the local currency and building a stronger economy.”
He added, “This will lead to cheaper petroleum products for our citizens, improved living standards and economic growth. This will also reduce the impact of fuel subsidy removal.”
The President said Nigeria is experiencing an oil and gas rebirth in 2025 with many initiatives and milestones.
He said for almost two years his administration has been working on reforms across the energy sector and the overall economy.
Some of these reforms are removal of fuel subsidy and Forex liberalisation introduced in the first year that has made Nigeria more attractive for investment.
Nigeria’s appointment as the host country for the African Energy Bank is a big achievement for the energy sector.
This is a big plus for Nigeria’s leadership in African energy and commitment to sustainable development across the continent.
He said, “By getting this institution, we have positioned Nigeria as the energy financing hub, investment, innovation and job creation. This is a statement of our commitment to energy security, economic growth and regional cooperation, for a brighter future for all Nigerians and Africans.”
Other executive orders have brought investment back into the oil and gas sector.
The President noted that strategic interventions in security, development and investment incentives have led to increase in crude oil production in the upstream.
He said the Presidential Executive Order on Oil and Gas Sector Reforms has streamlined processes, accelerated licensing rounds and promoted local content development.
He added, “We are seeing increasing investment announcements and innovative ways to support the oil and gas sector and we are open to more of such announcements.”
President Tinubu also promised to complete and operationalise key gas infrastructure projects like the Ajaokuta Kaduna Kano Gas Pipeline Project that will ensure supply of clean energy to industries and households.
He said the Presidential Compressed Natural Gas Initiative is revolutionising the transportation sector by reducing reliance on a single fuel source.
Also the administration is working on comprehensive reforms in fiscal and tax policies to create a business friendly environment that will attract local and international investments.
By simplifying tax regulations, offering incentives and ensuring a transparent fiscal framework, the government wants to remove entry barriers and support businesses in Nigeria.
These reforms will not only ease the process of companies to invest and do business in the country but also to stimulate broader economic development.
With the upcoming operationalisation of the Port Harcourt and Warri refineries, Nigeria will be able to process more crude oil and sell petroleum products at a cheaper rate.
He also said, “We are working on a hydrogen policy to attract investors and integrate hydrogen in our energy mix.”