Adedeji Commends NPA on Naira-for-Crude Initiative

Zacch Adedeji, the Special Adviser to the President on Revenue, has applauded the Nigerian Ports Authority (NPA) for its instrumental role in advancing the naira-for-crude oil initiative. This strategy seeks to reduce Nigeria’s dependence on foreign currency in crude oil transactions by promoting the use of the naira in international trade.

Adedeji highlighted the NPA’s operational contributions, which have been vital in facilitating the initiative’s smooth implementation. “The NPA has shown outstanding commitment to national economic goals by ensuring that this program is effective and aligned with the broader agenda of currency stabilization,” he stated.

The naira-for-crude policy is part of a larger government framework aimed at stabilizing the local currency, alleviating pressure on foreign exchange reserves, and promoting economic sovereignty. By enabling oil buyers to transact in naira, the initiative is expected to enhance foreign investor confidence in Nigeria’s economy and strengthen the naira’s value.

Industry experts have praised the effort, emphasizing its potential to transform Nigeria’s trade and financial landscape. They noted that the program could also reduce currency volatility and enhance Nigeria’s fiscal resilience in the face of global economic challenges.

Adedeji called on other key stakeholders in the oil, energy, and financial sectors to collaborate with the NPA and the government in driving the initiative forward. “This is a bold step toward economic independence, and it requires the collective effort of all involved,” he added.

The initiative underscores the government’s commitment to economic reform, with the NPA playing a critical role in realizing Nigeria’s aspirations for a more self-reliant and sustainable financial system.