The Nigerian government has made it clear that it will not change its decision to start selling crude oil and refined petroleum products in naira. This was confirmed by Wale Edun, the Minister of Finance and Coordinating Minister of the Economy.

This plan is a major part of President Bola Tinubu’s economic reforms. The goal is to strengthen the naira, improve energy security, and boost local refining and production in the petroleum sector. The idea is to add more value within Nigeria, rather than relying heavily on other countries.

Wale Edun, who heads the committee in charge of this plan, said he is pleased with the progress so far. He also praised how well different government agencies are working together to make this plan a success. At a meeting in Abuja, the team talked about what they have achieved and what needs to be done next.

The meeting included key figures in the oil and gas sector. Some of those present were Zacch Adedeji, the head of the Federal Inland Revenue Service; Olu Verheijen, the President’s energy adviser; and top officials from the Nigerian National Petroleum Company (NNPC) Limited. Also present were leaders from regulatory bodies like NMDPRA and NUPRC, along with port authorities and local oil refineries.

According to Edun, the main aim of the naira-for-crude initiative is to cut down on the use of foreign currency for oil transactions. This move is expected to attract more investments into Nigeria’s local refining sector and make the country more self-reliant when it comes to fuel.