President Bola Ahmed Tinubu has assured Nigerians of increased stability in the oil sector by using the Naira for crude transactions.

Speaking at a review meeting in Abuja, President Tinubu commended the Implementation Committee on Naira-based sales of crude oil and refined products, urging them to resolve initial problems.

He stated that the move aims to eliminate exchange rate hurdles and prevent outdated practices.

Tinubu encouraged stakeholders, including the Nigerian National Petroleum Corporation and Dangote Refinery, to collaborate and improve the economy and Nigerians’ livelihoods.

He emphasised the importance of Stakeholder Collaboration, where stakeholders work together to supply enough petrol and petroleum products for local consumption, reducing reliance on importation.

Additionally, the President advised using Afreximbank Partnership as a settlement bank to resolve Naira pricing for crude and refined products.

He also advocated for a Market-Driven Approach, where the market determines profit and loss, allowing independent marketers and the government to meet on a worksheet.

Tinubu noted that Energy Security would be achieved, motivating investors like Alhaji Aliko Dangote.

Other notable attendees included the Minister of Finance, Wale Edun; the President and Chief Executive of Dangote Group; and representatives from NNPC Limited, Afrexim Bank, and the Federal Inland Revenue Service.