The naira-for-crude initiative, which has already commenced, would mean that crude would now be sold to the Dangote refinery and others in naira. In return, the Dangote refinery would supply PMS (petrol) and diesel of equivalent value to the domestic market, also in naira.

The Minister of Finance, Wale Edun, confirmed the commencement of this policy in a signed statement on Saturday, October 5, 2024, saying the initiative is a significant step by the government in stabilizing the economy and enhancing Nigeria’s economic growth and development.

… “The strategic initiative and bold step taken by the President Bola Ahmed Tinubu-led Administration is expected to have a lasting impact on Nigeria’s economy, fostering growth, stability, and self-sufficiency, especially as the country continues to navigate the complexities of global markets, this strategic move positions Nigeria for success in the years to come,” the statement read.

… Economic experts explained that the initiative if implemented successfully, will alleviate pressure on the naira, eliminate unnecessary transaction costs, and enhance the availability of petroleum products nationwide.