The Technical Committee of the One-Stop Shop (OSS) for sale of crude and refined products in naira initiative has paid a working visit to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

The upstream regulator, in a statement, described the collaboration as a milestone in the ongoing efforts to deepen inter-agency collaboration and streamline petroleum product transactions in Nigeria.

Receiving the Committee on behalf of the Commission Chief Executive, Gbenga Komolafe,, the Executive Commissioner for Economic Regulation and Strategic Planning Department, Mr. Babajide Fasina, reaffirmed NUPRC’s commitment to supporting the OSS initiative.

He said the OSS was a transformative platform for optimising the petroleum value chain and promoting transactions in local currency.

Leading the committee’s delegation, Coordinator of the OSS Technical Committee,  Mrs. Maureen Ogbonna, highlighted the vision of President Bola Tinubu, stating that the Nigerian leader has expressed his vision for Nigeria as emphasised during the inauguration of the committee.

She said the vision of the president is to see a nation that achieves complete domestic sufficiency in petroleum products,  so much so that Nigeria begins to export and ultimately become the largest exporter of petroleum products. 

Launched in 2024, the OSS initiative is designed to eliminate regulatory, operational and logistics bottlenecks that hinder the free flow of supply of domestic crude oil and refined products sales in naira. 

The objectives of the initiative, the NUPRC said, aligns with the broader economic agenda of  Tinubu, who prioritises local content development. 

The OSS, hosted by the Nigerian Ports Authority (NPA), brings together key stakeholders including the NUPRC,  customs, navy, and other strategic agencies and  serves as a centralised platform for regulatory, operational, and security coordination of the initiative in the petroleum sector.