President Bola Tinubu has stated that the sale of crude oil in Naira is a strategic move aimed at reducing foreign exchange risks, lowering transaction costs, and strengthening the domestic market.
Speaking at the official opening of the 8th edition of the Nigeria International Energy Summit (NIES 2025) in Abuja on Tuesday, Tinubu, who was represented by the Minister of State for Finance, Dr. Doris Uzoka-Anite, said the policy would enhance the operational efficiency of local refineries and make petroleum products more affordable.
“In order to ensure that the local refineries are very competitive, thereby lowering the cost of the retail price of petroleum products for our populace, we introduced the sale of crude oil in Naira.
“By denominating crude sales in Naira, we are supporting the local currency and creating a more resilient economy.
“This initiative is expected to result in more affordable petroleum products for our citizens, ultimately improving their standard of living and stimulating economic growth.
“This is also going to alleviate the effects of the fuel subsidy removal,” Tinubu said.
The president highlighted that Nigeria’s oil and gas sector had undergone significant transformation in 2025, driven by major policy shifts and investment-friendly reforms.
“For close to two years, my administration has remained resolute in driving reforms and milestones in Nigeria’s energy sector and the economy at large,” he said.
Tinubu noted that two key reforms—fuel subsidy removal and forex liberalisation—had positioned Nigeria as a prime destination for global investments.
He also described Nigeria’s selection as the host country for the headquarters of the African Energy Bank as a landmark achievement, solidifying the country’s leadership in the continent’s energy sector.
“By securing this prestigious institution, we have positioned Nigeria as the hub for energy financing, fostering investment, innovation, and job creation.
“This milestone underscores our dedication to energy security, economic growth, and regional cooperation, ensuring a brighter, more prosperous future for all Nigerians and Africans.”
Tinubu further stated that his administration had issued executive orders that revitalised investments in the oil and gas sector.
“In the upstream sector, we have witnessed increased crude oil production owing to strategic interventions in security, development, and investment incentives.”
He explained that the Presidential Executive Order on Oil and Gas Sector Reforms had streamlined processes, fast-tracked licensing rounds, and encouraged indigenous participation, thereby boosting local content development.
“We have seen increasing investment announcements and innovative ways to support the oil and gas sector, and we are open to receiving more of such exciting announcements,” he added.
On gas infrastructure, Tinubu reaffirmed his commitment to completing key projects, including the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline, which he said would expand Nigeria’s capacity to supply clean energy to industries and households.
He also emphasised the administration’s ongoing implementation of the Presidential Compressed Natural Gas Initiative (P-CNGI), which he said was transforming the transportation sector by reducing reliance on petrol.
According to him, the government is implementing a series of comprehensive fiscal and tax policy reforms designed to create a more business-friendly environment and attract local and international investments.
“By simplifying tax regulations, offering incentives, and ensuring a more transparent and predictable fiscal framework, the reforms aim to remove barriers to entry and support the growth of businesses in Nigeria.
“These measures will not only make it easier for companies to invest and operate in the country but also stimulate economic development, growth, and prosperity for our nation.”
Tinubu assured Nigerians that with the Port Harcourt and Warri refineries coming back on stream, the country would have increased refining capacity to process crude oil and deliver petroleum products at a cheaper cost.
“We are actively developing a hydrogen policy to attract investors and integrate hydrogen in our energy mix,” he added.
