Nigeria Takes Historic Leap as Crude Oil Sales Commences in Naira
Nigeria has officially commenced sales of crude oil in naira to Dangote Refinery Limited with an expectation to curb importation, reduce pressure on US dollar spending, by the authority among others.
In a groundbreaking move, Nigeria has officially commenced the sale of crude oil and refined petroleum products in Naira. In a statement, the Honourable Minister of Finance and Coordinating Minister of the Economy, announced that, in line with the Federal Executive Council (FEC) directive, the sale of crude oil 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 oil and refined products sales in naira initiative, the commencement of this strategic initiative was affirmed by key stakeholders, Edun disclosed.
This will allow Dangote Refinery to purchase crude oil with the local currency with the expectation of reducing fx spending to import crude oil from other countries.
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, and the Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
Others are 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 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.
The move is expected to foster 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. #Nigeria Takes Historic Leap as Crude Oil Sales Commences in Naira CBN Spends US$543 Million to Defend Naira
