FG commences sale of crude in Naira

In a groundbreaking initiative, Nigeria has officially started the sale of crude oil and refined petroleum products in Naira.

The announcement was made by the Minister of Finance and Coordinating Minister of the Economy, Wale Edin who confirmed that this new policy took effect on October 1, 2024, in line with a directive from the Federal Executive Council (FEC).

This information was relayed by his Director of Information and Public Relations, Mr. Mohammed Manga, in a statement at the weekend.

Following a meeting of the Implementation Committee, chaired by the minister, key stakeholders affirmed the commencement of this strategic initiative.

The meeting included notable participants such as the Honourable Minister of State for Petroleum, 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), representatives from Dangote Group, and senior management from the Nigerian National Petroleum Company (NNPC), including the Group Chief Executive Officer and Chief Financial Officer.

This bold step by the administration of President Bola Ahmed Tinubu is anticipated to have a significant impact on Nigeria’s economy, promoting growth, stability, and self-sufficiency.

As Nigeria navigates the complexities of global markets, this strategic move positions the country for future success.