Business
Naira For Crude: The Steady Progress
The naira for crude policy is one of the smartest and most realistic steps taken to fix Nigeria’s oil and gas sector. It is not just about money. It is a well-planned effort to grow local value, depend less on foreign currency, and strengthen our ability to refine oil here at home (Nigeria).
For decades, we watched as our crude oil left Nigerian shores only to return as expensive imported fuel. We lost value and billions of dollars in foreign exchange every year. That cycle had to end. With the introduction of this policy, the federal government made a point: Nigeria will now prioritize local refining, pay for its crude in naira, and keep more of its resources within its economy.
The recent meeting of the Technical Sub-Committee on Domestic Crude Sales in Naira (ICONS) focused on reviewing how the naira-for-crude policy is being put into action.
The meeting was chaired by Dr. Zacch Adedeji, Executive Chairman of the Federal Inland Revenue Service, and attended by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun. Also present were representatives from the Nigerian National Petroleum Company Limited (NNPC), Dangote Refinery, the Central Bank of Nigeria (CBN), the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), and the Nigerian Ports Authority (NPA).
The meeting reviewed the progress made so far. More than 48 million barrels of crude oil have been supplied to local refineries and paid for in naira. Monthly supply schedules are now in use, helping refineries plan better and avoid disruptions.
Officials also discussed how the One-Stop Shop is making it easier for stakeholders to follow procedures and obtain approvals. Overall, the meeting helped to strengthen the policy and support efforts to grow Nigeria’s local refining and reduce reliance on foreign exchange.
This is how reform should work: with regulators and operators facing each other, not avoiding one another. For once, the silence between agencies is being filled with coordination.
The Dangote Refinery, a major player in the sector, is already receiving crude under the new arrangement. Its participation provides an early signal that the policy can work at scale. As other refineries complete their preparations, they are expected to be included as well.
What is important is that Nigeria is taking steady, well-considered steps to change from an import-dependent petroleum economy to one that adds value locally and supports job creation within its borders.
Nigerian refineries are now tapping into a more consistent pipeline of crude supply, which is helping to reduce downtime and improve throughput.
This is what the Renewed Hope agenda represents, making the most of what we have to build a future for Nigerians. The naira-for-crude policy is not just a change in how oil is paid for. It shows that government and industry can work together to solve problems. It is a step toward building an economy that focuses on local production, stable systems, and better opportunities for the peopl3 of our great nation.
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The Nigerian currency, Naira (₦), continued its battle against the United States dollar at the official foreign exchange market on Saturday.
Daily Voice reports that data from the Central Bank of Nigeria (CBN) showed that the local currency sold at ₦1,321.2160/1$ on Sunday.
The latest rate is the same as Saturday’s rate of ₦1,321.2160/1$.
At the parallel market (black market), however, the naira closed on Sunday at ₦1,400 to the dollar.
The offers by commercial banks, Bureau de Change (BDC) operators, and other foreign exchange dealers may, however, differ from the reference rates due to transaction margins and prevailing demand and supply conditions.
Market participants will continue to monitor foreign exchange inflows, demand for dollars, and CBN policies for indications of whether the naira can sustain its gains through the month.
Cement prices in Nigeria remain elevated, with a 50kg bag selling for between ₦12,000 and ₦15,000 in many markets, putting further pressure on builders, contractors and Nigerians planning construction projects.
The latest market data shows that although some brands are currently available below the ₦15,000 mark, the industry remains significantly more expensive than it was at the end of 2025 and early 2026.
Recent market quotations show the following indicative prices for a 50kg bag:
Note: prices may vary by location and transportation costs.
These figures are based on a September 1 market report and can vary depending on location, transportation costs, dealer margins and supply conditions.
However, July industry data painted a more expensive picture. CementNet reported retail prices of ₦12,000 to ₦15,000, with Dangote selling for about ₦13,000–₦15,000, BUA at ₦12,000–₦14,500, and HBM Nigeria, formerly Lafarge Africa, at ₦12,000–₦13,500.
The latest figures suggest that cement prices may have eased from the highest quotations seen earlier in the year, but the broader trend remains upward.
In July, The Guardian reported that a 50kg bag typically sold for ₦12,500–₦15,000 across major markets including Lagos, Abuja and Abia.
The Federal Competition and Consumer Protection Commission (FCCPC) also reported that prices had reached between ₦13,000 and ₦15,000 in some locations during the first half of 2026.
This means the current ₦12,000–₦14,000 quotations for several major brands should be viewed as some market-level moderation rather than a broad collapse in cement prices.
Why cement remains high
High energy and transportation costs continue to weigh heavily on the industry. Cement manufacturing requires significant amounts of energy, while moving cement from factories and depots to retail markets adds further costs.
Location is also playing an important role. Buyers in areas farther from production centres can pay substantially more because of haulage and distribution expenses.
The situation is particularly significant because Nigeria has substantial cement production capacity, yet retail prices remain high. The Guardian reported that domestic production exceeds consumption, with surplus output exported to neighbouring countries.
Nigerian civil servants on Grade Level 8 now earn between N1,479,276 and N1,914,514 annually, depending on their step within the scale, following the new minimum wage signed under President Bola Tinubu’s administration.
The figures fall under the Consolidated Public Service Salary Structure (CONPSS), the framework that governs pay across Nigeria’s federal civil service.
CONPSS covers 17 grade levels in total, and a worker’s position within each level is shaped by their qualifications, length of service, and performance record.
Grade Level 8 has 14 steps, with each step representing a progression in earnings. Below is the full breakdown:
The gap between the lowest and highest steps at this level amounts to N435,238, reflecting how significantly length of service can affect take-home pay within a single grade.
Interest in the salary structure has grown since Tinubu’s government approved a new national minimum wage, which triggered a review of earnings across the public sector. Civil servants and job seekers have been keenly examining each grade level to understand what the adjusted structure means in practical terms.
Workers at Grade Level 8 are typically mid-level employees with some years of experience in the civil service. Their earnings sit above the entry-level grades but below the senior cadre, making this level a reference point for many who are planning career progression within the federal workforce.
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