In a landmark move, Nigeria has commenced the sale of crude oil and refined petroleum products in Naira, effective October 1, 2024. Minister of Finance Wale Edin announced the policy change, aimed at promoting economic growth, stability, and self-sufficiency.
Key Stakeholders:
– Honourable Minister of State for Petroleum
– Dangote Group representatives
– Nigerian National Petroleum Company (NNPC) senior management
– Special Adviser to the President on Revenue
– Special Adviser to the President on Energy
– Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) Chief Executive
Implementation Committee:
Chaired by Minister Edin, the committee ensured a seamless transition to the new policy.
President Tinubu’s Vision:
This initiative demonstrates President Bola Ahmed Tinubu’s commitment to economic development and reducing dependence on foreign currencies.
Economic Benefits:
– Boosts economic growth
– Enhances stability
– Promotes self-sufficiency
This strategic move positions Nigeria for future success and sets a precedent for other African nations.
Source: Federal Ministry of Finance, Nigerian National Petroleum Company (NNPC)
