The Nigerian government has officially begun selling crude oil and refined petroleum products in naira to Dangote Refinery and other local refining companies.
This initiative is part of President Tinubu‘s administration’s strategy to promote long-term economic growth and self-sufficiency.
This was revealed in a statement issued by Mohammed Manga, Director of Information and Public Relations at the Ministry of Finance, on Saturday, October 4, 2024.
The statement quoted Wale Edun, Minister of Finance and Coordinating Minister of the Economy, stating that the sale of these products in naira began on October 1, following the directive of the Federal Executive Council (FEC).
“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.
“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),” the statement read partly.
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