Nigeria has officially initiated the sale of crude oil and refined petroleum products in Naira, marking a significant milestone in the nation’s economic landscape. The Honourable Minister of Finance and Coordinating Minister of the Economy announced that, in accordance with the directive from the Federal Executive Council (FEC), the sale began on October 1, 2024.
In the wake of this initiative, a meeting was convened by the Implementation Committee, chaired by the Honourable Minister, to review the initial stages of the Crude Oil and Refined Products Sales in Naira program. During this meeting, key stakeholders affirmed the importance of this strategic initiative.
Minister Edun highlighted the collaboration among various prominent figures who attended the gathering, including the Honourable Minister of State for Petroleum, the Special Adviser to the President on Revenue, the Special Adviser on Energy, the Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), as well as representatives from the Dangote Group and the Nigerian National Petroleum Company (NNPC).
The initiative undertaken by President Bola Ahmed Tinubu’s administration is anticipated to significantly influence Nigeria’s economy by promoting growth, stability, and self-sufficiency. As the country continues to face the challenges of global markets, this strategic decision positions Nigeria for greater success in the future, paving the way for a more resilient economic framework.
