In a groundbreaking move, Nigeria has commenced the sale of crude oil and refined petroleum products in Naira
In a statement on Saturday, the Director of Information and Public Relations in the Federal Ministry of Finance, Mr. Mohammed Manga said that the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun announced that, in line with the Federal Executive Council (FEC) directive, the sale of crude oil and refined petroleum products in Naira officially commenced as of 1 October 2024.
The statement read: “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.
“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).
“The strategic initiative and bold step taken by the President Bola Ahmed Tinubu-led Administration is expected to have 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, this strategic move positions Nigeria for success in the years to come”.
