For the first time, Nigeria has started selling its crude oil and refined petroleum products in the local currency, the naira.
The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, announced that the sale commenced from October 1, 2024, in line with a directive of the Federal Executive Council (FEC).
He disclosed that following a meeting of the implementation committee that he chaired to conduct a post-commencement review of the initiative, the commencement of this strategic initiative was affirmed by key stakeholders.
The meeting brought together prominent figures, including the Minister of State, 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), 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, Chief Financial Officer (CFO), and Executive Vice President (Downstream).
The initiative is expected to have a lasting impact on Nigeria’s economy, fostering 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.
