The Federal Government’s Naira-to-crude initiative, aimed at bolstering domestic refining capacity has been marred by inconsistent execution, causing local refineries to struggle for crude supplies to maintain operations, and raising concerns about Nigeria’s energy self-sufficiency.
In October 2024, the President Bola Tinubu-led administration announced a Naira-to-crude initiative through which local refineries, including the world’s largest single-train Dangote refinery, would receive crude oil supplies in the local currency.
However, findings by Nairametrics reveal that the implementation of this arrangement has been inconsistent, leaving local refineries struggling to secure adequate supplies, while Nigerians bear the brunt through high pump prices.