FG begins selling crude oil in Naira

In a groundbreaking initiative, Nigeria has officially started selling crude oil and refined petroleum products in naira.

The announcement was made by Finance Minister and Coordinating Minister for Economic Affairs Wale Edin, who confirmed that this new policy came into force on October 1, 2024, in line with a directive from the Federal Executive Council (FEC).

This information was disclosed by its Director of Information and Public Relations, Mr. Mohammed Manga, in a statement at the weekend.

Following a meeting of the Implementation Committee chaired by the Minister, key stakeholders confirmed the launch of this strategic initiative.

The meeting was attended by notable participants including the Honorable Minister of State for Petroleum, Special Adviser to the President on Revenue, Special Adviser to the President on Energy, Managing Director of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and representatives from Dangote Group and executives of the Nigerian National Petroleum Company (NNPC), including the Group Chief Executive Officer and the Chief Financial Officer.

This bold move by the government of President Bola Ahmed Tinubu is expected to have a significant impact on the Nigerian economy, promoting growth, stability and self-sufficiency.

As Nigeria grapples with the complexities of global markets, this strategic move positions the country for future success.