In a significant policy shift, the Federal Government of Nigeria has officially commenced the sale of crude oil and refined petroleum products in Naira. This initiative took effect on October 1, 2024, as confirmed by Wale Edun, the Minister of Finance and Coordinating Minister of the Economy.
The announcement was made public through Mr. Mohammed Manga, the Director of Information and Public Relations, in a statement released over the weekend.
A meeting of the Implementation Committee, chaired by Minister Edun, included key stakeholders who affirmed the rollout of this strategic initiative. Notable participants included the Minister of State for Petroleum, the Special Adviser to the President on Revenue, and the Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), as well as representatives from Dangote Group and senior management from the Nigerian National Petroleum Company (NNPC).
This bold move by President Bola Ahmed Tinubu’s administration is expected to have a considerable impact on Nigeria’s economy, fostering growth, stability, and self-sufficiency. As Nigeria adapts to the complexities of global markets, this strategic decision positions the country for future economic success.
