The Nigeria Government has announced that Nigeria has officially begun selling crude oil and refined petroleum products in naira.
In a statement on Saturday, Minister of Finance and Coordinating Minister of the Economy, Wale Edun, confirmed that the sale of these products in naira commenced on October 1, following a directive from the Federal Executive Council (FEC).
“After a meeting of the Implementation Committee, chaired by the Honourable Minister of Finance and Coordinating Minister of the Economy, a post-commencement review of the Crude Oil and Refined Products Sales in Naira initiative was conducted. Key stakeholders affirmed the commencement of this strategic initiative,” Edun said.
The meeting included prominent officials such as the Minister of State for 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), representatives from Dangote Group, and senior management of the Nigerian National Petroleum Company (NNPC), including the Group Chief Executive Officer (GCEO), Chief Financial Officer (CFO), and Executive Vice President (Downstream).
According to the statement, this strategic move, led by President Bola Tinubu’s administration, is expected to significantly impact Nigeria’s economy by promoting growth, stability, and self-sufficiency. It positions the country for success as it navigates the complexities of global markets.
The FEC had previously approved a proposal on July 29, directing the NNPC to sell crude oil to Dangote Petroleum Refinery and other refineries in naira. The sale officially commenced on October 1.
On September 30, Eche Idoko, Publicity Secretary of the Crude Oil Refinery Owners Association of Nigeria (CORAN), confirmed that the sales would initially target refineries producing petrol. Three days later, the Nigerian Ports Authority (NPA) announced it had begun implementing the federal government’s directive to coordinate service provision for the smooth sale of crude oil in naira to the Dangote refinery.