While the Middle-East conflict sends oil prices soaring worldwide, Nigeria stays fuel-secure thanks to Tinubu’s local refining push.
President Bola Tinubu’s naira-for-crude policy has bolstered Nigeria’s energy security amid the ongoing Middle-East crisis, a presidential aide has revealed. Temitope Ajayi, SSA on Media, highlighted how the initiative—allowing NNPC to sell crude to local refiners in naira—has safeguarded domestic fuel supply since October 2024.
Despite global disruptions caused by the U.S.-Israel-Iran conflict and Iran’s closure of the Strait of Hormuz, Nigeria has avoided fuel scarcity, reduced queues, and even cut petrol prices by ₦75 per litre. The Dangote Refinery played a central role, prioritising domestic supply while exporting nearly 500,000 tonnes of refined products to other African countries in March.
Ajayi noted that the policy preserves foreign exchange, creates jobs, and shields the economy from global shocks, making local refining a key pillar of energy sovereignty and sustainable growth.
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