policy is emerging as a key buffer protecting Nigeria’s energy security amid the ongoing Middle-East crisis, according to presidential aide Temitope Ajayi.
Ajayi said the decision, approved in July 2024, to allow crude oil sales in naira to the Dangote Refinery has ensured steady domestic fuel supply despite global disruptions triggered by the conflict involving Iran, Israel and the United States.
The initiative, which took effect from October 1, 2024, is overseen by a technical committee that includes the Minister of Finance, Wale Edun, and the Executive Chairman of the Nigerian Revenue Service, Zacch Adedeji.Get The Full, Details. .
Ajayi argued that the policy has helped stabilise Nigeria’s economy by guaranteeing supply security, reducing exposure to foreign exchange volatility and safeguarding the country’s energy future.
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