President Bola Tinubu has called on stakeholders to focus on enhancing local production of petrol and petroleum products, aiming to reduce the nation’s reliance on imports.
During a review meeting held at the Presidential Villa in Abuja, he emphasized that increasing domestic supply would allow for foreign exchange resources to be redirected toward the growth of the real economy.
Tinubu praised the Implementation Committee tasked with facilitating Naira-based transactions for crude oil and refined products, urging members to address any initial challenges they may encounter.
He highlighted that the move to utilize the Naira was intended to eliminate obstacles associated with fluctuating exchange rates. “Any solutions we devise for the sale of crude oil and refined products in Naira must not revert us to the issues we’ve faced over the past 40 years,” he remarked.
While acknowledging that adjustments in costs and revenues may be necessary within the oil sector, he insisted that the government should not revert to outdated practices.
The president encouraged key players in the oil industry, including the Nigerian National Petroleum Corporation Ltd (NNPCL) and Dangote Refinery, to collaborate in bolstering the economy and improving the livelihoods of Nigerians.
He recommended that stakeholders consider using Afreximbank as a settlement bank to facilitate Naira pricing for crude oil and refined products, noting that Afreximbank is already engaged as a financial adviser.
“The market should dictate our actions. By allowing market forces to shape profit and loss, independent marketers and government representatives can collaborate effectively. My goal is to resolve these matters promptly to avoid wasting time in the future,” he stated.
President Tinubu expressed confidence that energy security could be achieved, ensuring that the interests of investors like Alhaji Aliko Dangote would remain intact and become more predictable in the medium to long term.
