The Federal Government says President Bola Ahmed Tinubu’s naira‑for‑crude policy has strengthened Nigeria’s energy security amid the ongoing geopolitical crisis in the Middle East.
According to a State House piece by Temitope Ajayi, the initiative — approved in July 2024 and implemented from October 1 2024 — allows the Nigerian National Petroleum Company (NNPC) to pay for crude supplied to the Dangote Refinery in naira instead of dollars.
The Presidency says this strategy has helped Nigeria avoid fuel scarcity and long queues at petrol stations experienced in many countries affected by the conflict, such as parts of Europe and the United States.
By prioritising domestic refining and supply, the Dangote Refinery has met local demand and even exported products to other African nations, helping boost Nigeria’s energy independence and regional significance.
Officials also say the policy helps reduce pressure on foreign exchange reserves and provides a buffer against global oil market shocks caused by conflict‑related disruptions.
