The Federal Government has launched the sale of crude oil to local refineries and purchase of petroleum products in Naira.
The initiative marks a significant step towards energy self-sufficiency and economic stability for the country
The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, announced the development after a Technical Sub-Committee meeting on the sale of crude oil to local refineries in Naira on Friday
Represented by FIRS Executive Chairman, Dr. Zacch Adedeji, the Minister confirmed that all agreements and modalities for implementation have been finalized.
A statemrnt by the Director of Information and Public Relations, Mohammed Manga said the landmark initiative aims to reduce pressure on the Naira, eliminate unnecessary transaction costs and improve availability of petroleum products
The statement recalled that the Federal Executive Council (FEC) had previously approved the sale of crude to local refineries in Naira, and with the completion of agreements, the implementation is now underway.
Exaining further the statement indicated that the move is expected to strengthen Nigeria’s economy, enhance energy security, and promote local content development in the oil and gas sector.
It listed the key benefits to include, increased foreign exchange savings, reduced reliance on dollar-denominated transactions, Boost to local refining capacity and improved fuel supply and availability.
The statement indicated that
Nigeria’s historic shift towards Naira-based crude oil sales is poised to transform the country’s energy landscape and foster economic growth.
