Nigeria inches closer to implementating Naira-Denominated Crude Oil Sales to Boost Economy

The Implementation Committee on Naira-Denominated Crude Oil Sales, chaired by Finance Minister Wale Edun, has met in Abuja to expedite the transition to Naira-denominated crude oil sales.
Naira-denominated crude oil sales refer to the sale of crude oil by Nigeria, where the payment is made in the local currency, Naira, instead of the traditional US dollars.
This shift has significant implications for Nigeria’s economy such as reduced dollar dependence, Increased local investment, Improved foreign exchange management, Boost to local economy, Diversification of revenue streams and Enhanced monetary policy control
Director of Information and Public Relations, Mohammed Manga in a statement indicated that Naira-denominated crude oil sales can be a significant step towards Nigeria’s economic diversification and reduced dependence on foreign currencies.
He said the move is targeted to boost Nigeria’s economic growth and development, in line with the Presidential directive.
He pointed out that the committee reviewed progress on key initiatives, including the upcoming commencement of Naira payments for crude oil sales to the Dangote Refinery, starting October 1, 2024 adding that it marked a significant milestone in Nigeria’s economic transformation.

The FIRS Executive Chairman and Technical Sub-Committee Chair, Dr. Zacch Adedeji, reported that the first PMS delivery from Dangote is expected next month, under existing agreements. The committee outlined key roles for stakeholders to ensure a seamless transition.”