Nigeria has officially commenced the sale of crude oil and refined petroleum products in Naira.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, made the announcement saying that it was in line with the Federal Executive Council, FEC, directive that the sale of crude oil and refined petroleum products in Naira should officially commence on October 1, 2024.
Mohammed Manga, Director, Information and Public Relations, Ministry of Finance, in a press statement said Edun, following a meeting of the implementation committee, chaired by the 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 the strategic initiative was affirmed by key stakeholders.
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He said the meeting brought together prominent figures, including the 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).
He stated that the strategic initiative and bold step taken by the President Bola Ahmed Tinubu-led administration was expected to have a lasting impact on Nigeria’s economy, fostering growth, stability, and self-sufficiency, especially as the country continued to navigate the complexities of global markets.
He said the strategic move positioned Nigeria for success in the years to come.
