Nigeria Officially Begins Sales Of Crude Oil In Naira

in a groundbreaking move, Nigeria has officially commenced the sale of crude oil and refined petroleum products in Naira

The Honourable Minister of Finance and Coordinating Minister of the Economy, Wale Edun, announced that, in fine with the Federal Executive Council (FEC) directive, the sale of crude oll 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 of and Refined Products Sales in Naira initiative, the commencement of this strategic initiative was affirmed by key stakeholders, HM Edun disclosed.

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).

You may want to also read Things To Know About FG Renewed Hope LEEP Employment Program

The stratagic initiative and bold step taken by the President Bola 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.