https://en.sputniknews.africa/20260605/nigerias-energy-pivot-manufacturers-turn-to-cng-and-naira-for-crude-as-path-to-stability-1086393988.html
Nigeria’s Energy Pivot: Manufacturers Turn to CNG and Naira-for-Crude as Path to Stability
Nigeria’s Energy Pivot: Manufacturers Turn to CNG and Naira-for-Crude as Path to Stability
Sputnik Africa
As Nigeria’s manufacturers confront rising energy costs and shifting market realities, proposals around CNG adoption and naira-for-crude transactions are... 05.06.2026, Sputnik Africa
2026-06-05T17:07+0200
2026-06-05T17:07+0200
2026-06-05T17:07+0200
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Nigeria’s Energy Pivot: Manufacturers Turn to CNG and Naira-for-Crude as Path to Stability
Sputnik Africa
As Nigeria’s manufacturers confront rising energy costs and shifting market realities, proposals around CNG adoption and naira-for-crude transactions are gaining traction, offering a path toward cost efficiency, energy security, and stronger domestic value chains in an evolving industrial and economic landscape, with long-term resilience in focus.
To better understand how these developments could influence manufacturers and the wider economy, Global South Pole spoke with Adeola Adenikinju, Professor of Economics at the University of Ibadan and Research Professor at the Centre for Econometrics and Allied Research. The Nigerian energy expert argued that the growing adoption of compressed natural gas [CNG] presents a promising opportunity for businesses seeking to lower operating costs and improve competitiveness. He noted that manufacturers are increasingly exploring alternatives to diesel, while ongoing investments in gas infrastructure and domestic refining could strengthen energy security and reduce production expenses. He also described the naira-for-crude initiative as an important step toward limiting exposure to foreign exchange volatility, lowering transaction costs, and supporting a more stable supply of refined products. Beyond Nigeria, he believes these developments offer African countries a chance to expand domestic refining, deepen regional trade, and build stronger economic integration through locally driven energy solutions.To listen to the whole discussion, tune in to the Global South Pole podcast, brought to you by Sputnik Africa.In addition to the website, you can also catch our episodes on Telegram.► You can also listen to our podcast on Apple Podcasts, Spotify, Deezer, Castbox, Pocket Casts, Afripods, Podcast Addict, Overcast, and Mave Stream.► Check out all the episodes of Global South Pole
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nigeria, podcasts, oil, oil pipeline, fossil fuels, energy, africa energy bank, organization of petroleum exporting countries (opec), opec+, investment, dangote refinery, aliko dangote, technology, african continental free trade area (afcfta), african development bank (afdb), afreximbank, bola tinubu, liquefied natural gas (lng), gas, аудио
nigeria, podcasts, oil, oil pipeline, fossil fuels, energy, africa energy bank, organization of petroleum exporting countries (opec), opec+, investment, dangote refinery, aliko dangote, technology, african continental free trade area (afcfta), african development bank (afdb), afreximbank, bola tinubu, liquefied natural gas (lng), gas, аудио
Nigeria’s Energy Pivot: Manufacturers Turn to CNG and Naira-for-Crude as Path to Stability
Aliyu Bello
Correspondent, Podcast Host
As Nigeria’s manufacturers confront rising energy costs and shifting market realities, proposals around CNG adoption and naira-for-crude transactions are gaining traction, offering a path toward cost efficiency, energy security, and stronger domestic value chains in an evolving industrial and economic landscape, with long-term resilience in focus.
To better understand how these developments could influence manufacturers and the wider economy, Global South Pole spoke with Adeola Adenikinju, Professor of Economics at the University of Ibadan and Research Professor at the Centre for Econometrics and Allied Research.
The Nigerian energy expert argued that the growing adoption of compressed natural gas [CNG] presents a promising opportunity for businesses seeking to lower operating costs and improve competitiveness. He noted that manufacturers are increasingly exploring alternatives to diesel, while ongoing investments in gas infrastructure and domestic refining could strengthen energy security and reduce production expenses. He also described the naira-for-crude initiative as an important step toward limiting exposure to foreign exchange volatility, lowering transaction costs, and supporting a more stable supply of refined products. Beyond Nigeria, he believes these developments offer African countries a chance to expand domestic refining, deepen regional trade, and build stronger economic integration through locally driven energy solutions.
"The Naira-for-crude actually is a very big initiative. And the whole idea was to insulate the economy from foreign exchange volatilities, conserve your foreign resource so that you can have a stable exchange rate, reduce inflation, which also comes through exchange rate pass-through, and reduce domestic cost," Professor Adenikinju explained.
To listen to the whole discussion, tune in to the
Global South Pole podcast, brought to you by
Sputnik Africa.In addition to the website, you can also catch our episodes on
Telegram.► Check out all the episodes of Global South Pole 
