The Technical Committee of the One-Stop Shop (OSS) initiative for the sale of crude oil and refined petroleum products in naira has paid a strategic visit to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), in what both parties hailed as a significant step toward transforming Nigeria’s petroleum transaction framework.
The NUPRC, in a statement released after the visit, described the collaboration as a milestone in inter-agency coordination and a boost to the Federal Government’s goal of conducting oil and gas transactions in the local currency.
Receiving the delegation on behalf of the Commission Chief Executive, Gbenga Komolafe, the Executive Commissioner for Economic Regulation and Strategic Planning, Mr. Babajide Fasina, reaffirmed NUPRC’s full support for the OSS initiative. He described it as a “transformative platform” aimed at optimizing the petroleum value chain, promoting transparency, and reducing dollar dependence in the oil sector.
Leading the committee’s delegation, Mrs. Maureen Ogbonna, Coordinator of the OSS Technical Committee, highlighted President Bola Tinubu’s vision, noting that the initiative aligns with national aspirations for energy independence and economic resilience.
According to Ogbonna, the president’s directive is clear: Nigeria must attain complete domestic sufficiency in petroleum products and progress toward becoming a net exporter and, ultimately, Africa’s leading supplier of refined products.
The One-Stop Shop platform is expected to simplify the regulatory process, encourage investment, and accelerate the shift to conducting oil transactions in naira—key to boosting currency stability and national revenue retention.
