President Bola Ahmed Tinubu is pushing for Nigerian refineries to focus on supplying fuel for local use rather than relying on imports. This shift aims to strengthen Nigeria’s economy by reducing the constant pressure on foreign exchange and promoting the local oil industry.

At a recent meeting held at the State House in Abuja, Tinubu addressed the Implementation Committee on selling crude oil and petroleum products in naira. He noted that by moving away from dollar-based transactions, Nigeria can avoid foreign exchange challenges that have burdened the economy for over 40 years. Tinubu emphasized the importance of a fair, market-driven approach that lets the local market determine prices, benefiting both marketers and the government.

To help manage naira-based transactions, Tinubu suggested involving Afreximbank as the settlement bank. This partnership would allow for effective naira pricing of crude and refined products, helping ease the process.

The Minister of Finance, Wale Edun, supported the president’s initiative, stating that the government remains committed to naira-based sales and will not intervene in setting exchange rates within the oil sector.

Aliko Dangote, head of Dangote Group, also updated the president on the refinery’s fuel reserves, noting that it has 500 million liters ready for supply, with 400 million liters already distributed to the market. Dangote assured the president that his refinery can work with other refineries in the country to meet the local demand of 32 million liters per day.

This focus on local fuel production marks a significant step towards Nigeria’s economic stability, creating more room for investment in sectors that support growth and sustainability. By reducing import dependency, Nigeria aims to build a stronger, self-reliant energy industry for a more resilient future.