Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has said the current rise in petrol prices reflects prevailing market conditions, urging Nigerians to recognize and appreciate the country’s growing local refining capacity.
Speaking during an interview on Politics Today on Channels Television, Edun explained that the current fuel pricing framework is the result of market-driven reforms introduced by President Bola Ahmed Tinubu. According to him, the new system replaced the long-standing subsidy regime that had kept petrol prices artificially low for many years.
The minister pointed to the operations of the Dangote Refinery as a clear sign that the market-based approach is beginning to yield results. He noted that the refinery had earlier reduced the pump price of petrol from around ₦1,200 per litre to between ₦1,000 and ₦1,050 per litre, describing such adjustments as a normal outcome of market dynamics.
Edun said investments in domestic refining are strengthening Nigeria’s economic resilience and reducing reliance on imported petroleum products. He specifically highlighted the refinery owned by African billionaire Aliko Dangote, stressing that supporting local refiners would help guarantee a more stable supply of fuel across the country.
Despite global economic uncertainties, Edun expressed optimism about Nigeria’s economic outlook. He cited ongoing geopolitical tensions in the Middle East and the prolonged conflict in Eastern Europe particularly the war involving Ukraine as challenges facing the global economy, but maintained that Nigeria is gradually stabilizing.
According to the finance minister, the federal government believes the country is on a path to recovery.
“We can already see the light at the end of the tunnel,” Edun said, adding that sustained economic reforms will continue to strengthen the nation’s financial stability and long-term growth prospects.
ELIJAH ADEYEMI
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