With the return of the naira-for-crude policy, experts and industry stakeholders can now foresee a stable, affordable and competitive pricing of petrol.
The sale of crude in naira to local refineries initiated by the Tinubu Administration completed its six-month temporary arrangement on March 31.
Yesterday, the policy was restored permanently after a meeting of the technical committee.
“The Crude and Refined Product Sales in Naira initiative is not a temporary or time-bound intervention, but a key policy directive designed to support sustainable local refining, bolster energy security, and reduce reliance on foreign exchange in the domestic petroleum market,” a statement by the Ministry of Finance said.
Chief Executive Officer of the Center for the Promotion of Private Enterprise (CPPE), Dr. Muda Yusuf, hailed the return of the policy.
He said it was significant that the policy has come to stay. The economist believes it will help conserve foreign exchange and drive investments.
He called for a replication of such policy in other critical sectors.
Yusuf said: “This is commendable and it is possibly an indication of the good things to come under the new leadership of the NNPCL with the support of the Coordinating Minister of the Economy.
“It makes sense from both an economic and nationalistic perspective.
“It is even more remarkable that the arrangement is being fully normalised as part of the overall economic management philosophy. It is no longer ad-hoc.
“This is about energy security, self-reliance, backwards and forward integration, multiplier effects and conservation of foreign exchange.
“Our plea is that the government should not spare any effort in the promotion of private investment in the economy.
“And this should be the norm for all sectors of the economy. It is not only a patriotic duty but also a fundamental responsibility of the government.”
Yusuf noted the government’s role in stimulating growth.
