Nigeria, July 1 -- 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 prioritise local refining, pay for its crude in naira, and keep more of its resources within its economy.

The recent meeting of the Technical Su...