Energy rights group reveals the good side of naira-for-crude policy

• Energy rights groups person hailed the resuscitation of the naira-for-crude argumentation by the Nigerian government
• The Energy Justice Forum (EJF) commended President Bola Tinubu for restoring the argumentation to boost vigor security
• The forum disclosed that the argumentation displacement is not conscionable successful the involvement of Dangote Refinery, but a long-overdue redirection for section refineries

Legit.ng’s Pascal Oparada has reported connected tech, energy, stocks, concern and the economy for implicit a decade.

The Energy Justice Forum (EJF), a conjugation of vigor rights activists, has commended President Bola Tinubu for restoring the naira-for-crude policy, asserting that the determination benefits section refineries and the broader Nigerian populace. 

In a connection connected Friday, April 11, 2025, the radical said the argumentation displacement is not conscionable successful the involvement of Dangote Refinery, but a long-overdue redirection for section refining capableness and mundane Nigerians who person agelong borne the load of an import-dependent energy system.

Energy rights radical hails naira-for-crude argumentation revival Credit: Bloomberg/Contributor
Source: UGC

The naira-for-crude argumentation is simply a determination for refineries

Godknows Manager, nationalist president of EJF, described the determination arsenic “the astir patriotic involution successful Nigeria’s petroleum assemblage successful caller history,” portion urging the recently appointed enactment of the Nigerian National Petroleum Company Limited (NNPCL) to align with the president’s reformist path.

“We indispensable beryllium wide — this argumentation is not astir Dangote alone. It is astir returning worth to Nigerians, enabling refineries successful Warri, Port Harcourt, and Kaduna to thrive, and ensuring that Nigerians are not perpetually held hostage to dollar-denominated substance pricing,” Manager said.“President Tinubu has restored dignity to our economical sovereignty. For the archetypal clip successful a agelong time, the mean Nigerian sees a glimpse of anticipation that our earthy resources whitethorn yet enactment successful our favour.”

The radical besides cautioned the caller NNPCL Group Chief Executive Officer, Bayo Ojulari, and committee chairman, Pius Akinyelure, urging them not to inherit what it called “the dubious, dollar-chasing reforms” of the erstwhile GCEO, Mele Kyari.

“It would beryllium a fatal mistake for the caller enactment astatine NNPCL to proceed connected the way of ruin orchestrated by Kyari — a way that astir collapsed our economy, undermined section refining, and exposed the state to overseas speech shocks,” Manager declared.“We are watching closely. Nigerians are watching. And we volition not hesitate to mobilise civilian nine absorption if aged habits creep backmost successful done the backmost door.”

The radical asks the caller NNPC to audit Kyari

He said Nigerians “deserve transparency, not tokenism; vigor justice, not backdoor deals”.

“There indispensable beryllium a wide audit of Kyari’s tenure — each contracts, each swaps, and each the shady transactions disguised arsenic ’liberalisation’. We are demanding afloat disclosure and accountability.”

Manager further encouraged the caller committee to fortify collaborations with indigenous investors and section engineers to guarantee that Nigeria’s refining ambitions are realised.

“We cannot physique a sustainable vigor aboriginal connected the backmost of secrecy and elitist policies. This is simply a caller dawn. The caller NNPCL indispensable locomotion successful light, not shadows,” helium added.

FG directs NNPC to proviso crude to Dangote, others

Legit.ng earlier reported that the Federal Executive Council (FEC) has officially directed the full application of the collapsed naira-for-crude statement with section refineries.

The Ministry of Finance revealed this connected its X grip arsenic it provided an update connected the crude and refined merchandise income successful the naira strategy connected Wednesday, April 9, 2025.

Dangote commences merchantability of petrol successful dollars

Legit.ng earlier reported that the archetypal signifier of the naira-for-crude woody betwixt the Nigerian government, the Nigerian National Petroleum Company Limited (NNPC), and the Dangote Refinery elapsed connected March 31, 2025.

The woody has yet to beryllium renewed, starring to the Dangote Refinery suspending the merchantability of refined petroleum products successful the section currency.

In the update, the committee disclosed that the argumentation is not a impermanent but a semipermanent program to trim Nigeria’s reliance connected overseas speech for petroleum products.

The improvement followed a gathering connected Tuesday, April 8, 2025, to reappraisal and code the ongoing issues.

The naira-for-crude woody is timeless

The committee added that the inaugural is not a time-bound intervention, but an indispensable argumentation directive to enactment sustainable section refining and boost vigor security.

According to the statement, the method sub-committee connected the crude and refined merchandise income successful the naira strategy met to supply an update connected and reappraisal the advancement and code ongoing implementation issues.

Aliko Dangote's Refinery to payment immensely from naira-for-crude policy. Credit: Bloomberg/Contributor
Source: UGC

The stakeholders reportedly reaffirmed the government’s committedness to implementing the strategical inaugural to the fullest.

Oil cartels reportedly liable for hike successful petrol prices

Legit.ng earlier reported that a fewer months ago, the president of Dangote Industries, Aliko Dangote, raised an alarm that an lipid cartel was trying to sabotage his $20 cardinal refinery.

There are fears that Dangote’s alarm was not a hoax. The refinery has continued to conflict crude proviso challenges from the Nigerian National Petroleum Company Limited (NNPC), starring to monolithic imports.

Specifically, Dangote accused planetary lipid companies (IOCs) of deliberately inflating crude lipid prices truthful that his refinery could not spend it.

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Source: Legit.ng