President Bola Tinubu’s naira-for-crude initiative has shielded Nigeria from the severe fuel scarcity afflicting major economies worldwide amid the ongoing Iran-Israel-US conflict in the Middle East, the Presidency said Wednesday.
According to the Senior Special Assistant to the President on Media and Publicity, Temitope Ajayi, the policy, approved in July 2024 and launched on October 1, 2024, has ensured uninterrupted petroleum product supply in Nigeria while countries across Europe, Asia, and Africa experience acute shortages and long fuel queues.
In an article titled ‘Middle-East Crisis: How Tinubu’s Policy of Naira-for-Crude Guarantees Supply Security in Nigeria,’ released by the State House today, Ajayi said the six-week-old conflict, worsened by Iran’s closure of the Strait of Hormuz, has triggered global economic chaos.
The Strait of Hormuz, a critical maritime corridor between the Persian Gulf and the Gulf of Oman, accounts for over 20 per cent of global oil and gas flows. He cited examples of crisis-hit nations implementing emergency measures.
