The Federal Government has reaffirmed its commitment to energy market reforms through a high-level review of the Crude-for-Naira initiative, aimed at strengthening the local economy and reducing foreign exchange pressure.
The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, chaired the Steering Committee meeting on Wednesday, alongside top officials from the NNPC, FIRS, CBN, Dangote Refinery, NMDPRA, NUPRC, and the Nigerian Ports Authority.
Director of Information and Public Relations Mohammed Manga in a statement indicated that the review session focused on the One Stop Shop mechanism, designed to streamline domestic crude oil and refined product transactions in naira.
The initiative is central to reducing Nigeria’s import dependency, supporting local refineries, and stabilising the foreign exchange market.
Describing the policy as a “milestone” in Nigeria’s economic reforms, the Ministry noted that the framework promises long-term gains for both the private sector and ordinary Nigerians.