In a groundbreaking initiative, Nigeria has officially commenced the sale of crude oil and refined petroleum products in Naira. The announcement was made by Wale Edin, the Minister of Finance and Coordinating Minister of the Economy, confirming that this policy took effect on October 1, 2024, following a directive from the Federal Executive Council (FEC).
The update was communicated by Mr. Mohammed Manga, the Director of Information and Public Relations, in a statement released over the weekend.
During a meeting of the Implementation Committee, chaired by Edin, key stakeholders endorsed the launch of this strategic initiative. Participants included the Honourable Minister of State for Petroleum, 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). Also present were representatives from Dangote Group and senior management from the Nigerian National Petroleum Company (NNPC), including the Group Chief Executive Officer and Chief Financial Officer.
This bold step by President Bola Ahmed Tinubu’s administration is expected to have a significant impact on Nigeria’s economy, fostering growth, stability, and self-sufficiency. By navigating the complexities of global markets with this new policy, Nigeria positions itself for future success and resilience in the petroleum sector.
In related news, Nigeria’s inflation rate has seen a decline to 32.15% as of September 16, 2024, while the Nigerian Economic Summit Group (NESG) and the Federal Government are set to review current economic reforms and policies at the upcoming 30th Summit.
