STEERING COMMITTEE REVIEWS PROGRESS ON CRUDE-FOR-NAIRA INITIATIVE TO ADVANCE ENERGY MARKET REFORMS

The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, on Wednesday, attended a key meeting of the Federal Executive Council’s Steering Committee on Domestic Crude Oil and Refined Products Sales in Naira.

The session brought together senior officials from the Federal Inland Revenue Service, NNPC, Dangote and NNPC Refineries, the Central Bank, NMDPRA, NUPRC, and the Nigerian Ports Authority.

The meeting underscored the importance of ongoing collaboration through the One Stop Shop mechanism, with a focus on accelerating Nigeria’s transition to a self-reliant energy market. The crude-for-naira framework is central to stabilising the FX market, supporting local industry, and reducing reliance on imports, offering long-term benefits for both Nigerians and the private sector.

Signed

Mohammed Manga FCAI

Director, Information and Public Relations

June 19, 2025