Nigeria begins sale of crude oil in naira to Dangote Refinery, others
Nigeria has commenced the sale of crude oil and refined petroleum products in Naira.
The new policy, which took effect on October 1, 2024, was confirmed by Minister of Finance and Coordinating Minister of the Economy, Wale Edun, following a directive from the Federal Executive Council (FEC).
The announcement was contained in a statement by Mr. Mohammed Manga, Director of Information and Public Relations at the Ministry of Finance, at the weekend.
According to the statement, the decision followed a meeting of the Implementation Committee, led by Edun, and included participation from key stakeholders.
The meeting featured high-level officials, including the Minister of State for Petroleum, the Special Adviser to the President on Revenue, the Special Adviser on Energy, senior executives from the Nigerian National Petroleum Company (NNPC), representatives from the Dangote Group, and the leadership of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
This strategic policy shift is expected to have a profound impact on Nigeria’s economy, promoting growth, stability, and boosting self-sufficiency.
By pricing oil in Naira, Nigeria aims to strengthen its currency, reduce reliance on foreign exchange, and enhance control over domestic markets.
The administration of President Bola Ahmed Tinubu believes this bold initiative will enable Nigeria to better navigate global market complexities, positioning the country for sustainable future growth.
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