The National Economic Summit Group (NESG), has praised plans by NNPC to go public, calling it a bold step towards transparency and efficiency.
A storm is brewing in Nigeria’s oil sector as policymakers navigate critical reforms.
At a recent media conference, NESG’s CEO, Tayo Aduloju, praised the IPO as a transformative move that will improve corporate governance, attract foreign investment, and enhance operational efficiency.
Drawing a parallel, he highlighted Saudi Aramco’s public listing as a successful model that triggered audits, reduced corruption, and increased transparency.
“This is a highly commendable step,” Aduloju stated, urging the government to fully commit to the process and align NNPC with international standards.
NESG Opposes Naira-For-Crude Policy Suspension
At the same time, NESG strongly criticised the recent decision to suspend the naira-for-crude policy, warning that it could worsen Nigeria’s foreign exchange (FX) crisis.
Read Also: Banks Face ₦2.47 Trillion Capital Requirement Over The Next Year
The policy previously allowed oil exporters to trade crude in naira instead of US dollars, which reduced pressure on FX reserves.
Economic Risks Of Policy Reversal
Further, Aduloju emphasised that removing the policy forces major players like Dangote Refinery to increase demand for foreign currency, thereby driving up market instability and fuel prices.
Threat To Tank Farm Industry
Moreover, he raised concerns about the potential collapse of Nigeria’s tank farm industry, which depends on importing refined products.
With Dangote’s refinery now selling directly to distributors, the sector faces significant risks.
A Balanced Approach
In conclusion, while NESG fully supports NNPC’s public listing, it urged the government to reassess the naira-for-crude policy to prevent further economic disruption.
