In a bid to ease rising concerns over the stability of Nigeria’s downstream oil sector, the Federal Government has assured citizens of a steady and uninterrupted supply of refined petroleum products across the country. This comes in the wake of a high-level meeting convened by the Steering Committee of the Domestic Crude Oil and Refined Products Sales in Local Currency Initiative.
The meeting, chaired by the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, reviewed key developments affecting the oil sector, including the alleged suspension of the Naira-for-crude oil arrangement by the Dangote Refinery and ongoing labor disputes raised by PENGASSAN.
Mr. Edun confirmed that the issues surrounding the Dangote Refinery’s crude oil agreement had been "amicably resolved," laying to rest fears of potential supply disruptions. He also emphasized that the government remains focused on promoting local refining capacity while ensuring that all industrial stakeholders operate within a framework of fairness and accountability.
For consumers, the assurance comes as a relief amid growing anxieties about potential fuel shortages and price hikes. Market watchers had feared that unresolved disputes at the refinery could trigger instability in the petroleum products market.
In a statement signed by Mohammed Manga, Director of Information and Public Relations, the government reiterated its pledge to protect consumer interests and maintain stability in the domestic oil supply chain.
The federal government also called for continued cooperation among all stakeholders to ensure Nigeria’s vision for energy self-sufficiency, job creation, and economic sustainability is realized.
In attendance at the crucial meeting were top government officials and industry regulators, including the Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, FIRS Chairman Mr. Zacch Adedeji, and representatives from NNPC Ltd., CBN, Afreximbank, and the Dangote Refinery.
One of the major points of discussion was the brewing tension between the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) and the Dangote Refinery. The government acknowledged the union’s grievances and confirmed that efforts are ongoing to address the concerns urgently and in good faith.
The committee reaffirmed the continuity of the Naira-for-crude initiative, a policy designed to reduce Nigeria’s dependency on foreign exchange for energy transactions while strengthening the local currency and energy infrastructure.
According to the statement released by the Ministry of Finance, the federal government is committed to resolving all outstanding industrial issues without compromising the nation's energy security. The resolution process, officials say, is being handled with transparency and urgency.
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