In a significant move to strengthen Nigeria’s energy independence, the Technical Sub-Committee on Crude and Refined Product Sales in Naira has held a high-level review meeting in Abuja, chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
The session reaffirmed the government’s resolve to fully implement this transformative policy, mandated by the Federal Executive Council (FEC), which aims to boost local refining capacity, enhance energy security, and reduce forex dependence in the petroleum sector.
Stakeholders reiterated the initiative’s strategic importance for national economic stability and self-sufficiency.
While acknowledging implementation hurdles, the committee emphasised ongoing inter-agency collaboration to address them.
The meeting included NNPC Limited, Dangote Refinery, regulatory bodies, and financial institutions, reflecting a unified approach.
Senior representatives from FIRS, NUPRC, CBN, NMDPRA, NPA, Afreximbank, and NNPC’s refining and trading divisions.
The government maintains that this policy will deliver long-term economic benefits, positioning Nigeria for sustainable growth in its energy sector.
