In a groundbreaking move, Nigeria has officially commenced the sale of crude oil and refined petroleum products in Naira. The strategic initiative taken by President Bola Ahmed Tinubu GCFR is expected to leave a lasting impact on Nigeria’s economy, fostering growth, stability, and self-sufficiency, especially as the country continues to navigate the complexities of global markets.
The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Olawale Edun announced that, in line with the Federal Executive Council (FEC) directive, the sale of crude oil and refined petroleum products in Naira has officially commenced as of October 1, 2024.
Following a meeting of the Implementation Committee, Chaired by the Honourable Minister of Finance and Coordinating Minister of the Economy to conduct a post-commencement review of the Crude Oil and Refined Products Sales in Naira initiative, the commencement of this strategic initiative was affirmed by key stakeholders, Mr. Edun disclosed.
The meeting brought together prominent figures, including the Honourable Minister of State, Petroleum (Oil), the Special Adviser to the President on Revenue, the Special Adviser to the President on Energy, the Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the representative of the Chairman of Dangote Group, the Vice President of Dangote Group, and the management of the Nigerian National Petroleum Company (NNPC), led by the Group Chief Executive Officer (GCEO), Chief Financial Officer (CFO), and Executive Vice President (Downstream).
It would be recalled that the sale of crude oil to the 650,000 bpd refinery was initially approved by the Federal Executive Council (FEC) in July, with transactions set to begin this month.