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, announced.
The official commencement of the sale of crude oil and refined petroleum products in Naira is in line with the Federal Executive Council (FEC) directive 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 the strategic initiative was affirmed by key stakeholders, HM Edun disclosed.
Director of Information and Public Relations, Mohammed Manga in a statement on Saturday indicated that 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
Others are 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 statement indicated that 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, the strategic move positions Nigeria for success in the years to come.