In a groundbreaking move, Nigeria has officially commenced the sale of crude oil and refined petroleum products in Naira
Olawale Edun, Minister of Finance and Coordinating Minister of the Economy, 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”, Edun confirmed.
A release by Mohammed Manga, Director of Information and Public Relations in the Federal Ministry of Information, disclosed that the meeting brought together czars of the economy like: the Minister of State, Petroleum (Oil), Special Adviser to the President on Revenue, Special Adviser to the President on Energy, Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), representative of the Chairman of Dangote Group, Vice President of Dangote Group, and management of the Nigerian National Petroleum Company Limited (NNPCL), led by the Group Chief Executive Officer (GCEO), Chief Financial Officer (CFO), and Executive Vice President (Downstream).
Manga, in the release, enthused that the strategic initiative and bold step taken by the President Bola Ahmed Tinubu 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. See
