The Presidency has credited the Federal Government’s naira-for-crude policy for keeping Nigeria’s fuel supply stable despite the deepening global energy crisis triggered by the ongoing Iran-Israel-US conflict. Amid widespread shortages and long fuel queues reported across several countries, officials say Nigeria has largely avoided similar disruptions.
In a statement released by the State House, the Senior Special Assistant to the President on Media and Publicity, Temitope Ajayi, said the policy has ensured uninterrupted supply of petrol and other petroleum products, even as global crude prices surge and supply chains tighten. He noted that while prices have risen locally, Nigeria has not experienced the kind of scarcity seen in parts of Europe, Asia and Africa.
Ajayi attributed this stability to the structure of the naira-for-crude arrangement, which allows local refiners, particularly the Dangote Petroleum Refinery, to purchase crude oil in naira rather than dollars. According to him, the refinery has played a central role by ramping up production and prioritising domestic supply at a time when global demand pressures are intensifying.
He further explained that the six-week conflict, worsened by the closure of the Strait of Hormuz a key route for over 20 per cent of global oil flows has forced several countries to adopt emergency measures.These include fuel rationing, reduced working hours and energy restrictions, developments Nigeria has so far avoided due to improved local refining capacity.
The Presidency also highlighted the growing export role of the Dangote refinery, noting that Nigeria is increasingly supplying refined products to other African markets. Beyond easing domestic supply concerns, officials say the policy is helping reduce pressure on foreign exchange, eliminate demurrage costs, and strengthen Nigeria’s position as a more energy-secure and resilient economy.