The Federal Government has announced that Nigeria has officially commenced the sales of crude oil and refined petroleum products in naira.
According to the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, the sale of the products in naira commenced on October 1.
In a statement by the Director of the Information and Public Relations, Ministry of Finance, Mohammed Manga, the Federal Government stated thus:
“Following a meeting of the Implementation Committee, Chaired by the Honourable Minister of Finance and Coordinating Minister of the Economy to conduct a post-commencement review of the Crude Oil and Refined Products Sales in Naira initiative, the commencement of this strategic initiative was affirmed by key stakeholders”
“The meeting brought together prominent figures, including the Honourable 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 (GCEO), Chief Financial Officer (CFO), and Executive Vice President (Downstream).”
The strategic initiative and bold step taken by the government is expected to have a lasting impact on Nigeria’s economy, enhancing growth, stability, and self-sufficiency.