President Bola Tinubu’s policy allowing crude oil to be purchased with naira has helped Nigeria avoid the severe fuel shortages affecting many countries worldwide, the Presidency said on Wednesday.

Temitope Ajayi, the Senior Special Assistant to the President on Media and Publicity, explained that the initiative, approved in July 2024 and launched in October 2024, has ensured a steady supply of petroleum products in Nigeria. Meanwhile, nations in Europe, Asia, and Africa are struggling with fuel shortages caused by the ongoing conflict involving Iran, Israel, and the United States.

The crisis worsened after Iran closed the Strait of Hormuz, a key route for global oil and gas shipments, triggering price hikes and long fuel queues in several countries. Some governments have introduced emergency measures, such as limiting fuel sales, closing schools early, or reducing workdays to cope with shortages.

Ajayi highlighted the role of the Dangote Petroleum Refinery in Lekki, Lagos, as a major factor in Nigeria’s energy stability. Since the refinery began producing petrol in October 2024, the country has seen a significant reduction in petrol queues, even during peak periods.

The refinery has also allowed Nigeria to become a strategic fuel exporter to Africa. In March 2026, it shipped nearly 500,000 tons of refined products to neighboring countries, boosting export earnings. Ajayi noted that using naira to purchase crude oil reduces pressure on foreign exchange reserves while maintaining consistent domestic fuel supplies.

“The Dangote refinery is helping Nigeria become more self-reliant in energy and resilient to external shocks,” Ajayi said. “It is not just an industrial facility but a cornerstone of the country’s energy independence and economic growth.”