Temitope Ajayi, presidential aide, says Nigeria’s naira-for-crude policy is shielding the country from global fuel disruptions amid rising tensions in the Middle East.
Ajayi said the initiative has helped maintain energy stability despite the ongoing crisis involving Iran, Israel, and the United States.
He explained that the policy allows local refineries, including the Dangote Petroleum Refinery, to purchase crude oil in naira instead of dollars.
According to him, the arrangement reduces Nigeria’s dependence on foreign exchange for fuel production and ensures continuous domestic refining even when global supply chains are under pressure.
The policy, approved in July 2024, took effect from October 1, 2024.
Ajayi said a technical committee oversees its implementation, including Wale Edun, minister of finance, and Zacch Adedeji, executive chairman of the Federal Inland Revenue Service.
He added that the initiative guarantees a steady supply of crude to local refineries while supporting economic stability.
Ajayi said the policy has strengthened Nigeria’s energy security and reduced exposure to foreign exchange volatility, which often drives up fuel prices.
“With global oil markets facing uncertainty, the naira-for-crude policy is positioning Nigeria to better withstand external shocks,” he said.
