Nigeria Takes Historic Leap as Cruds Oil sales commences in Naira
Oru Leonard
In a groundbreaking move, Nigeria has officially commenced the sale of crude oil and refined petroleum products in Naira
The Honourable
Minister of Finance and Coordinating Minister of the Economy, announced that, in line with the Federal Executive Council (FEC) directive, the sale of crude oil and refined petroleum products in Naira has officially commenced as of October 1, 2024.
*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*, HM Edun disclosed.
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 President Bola Ahmed Tinubu-led Administration is expected to have a lasting impact on Nigeria’s economy, fostering growth, stability, and self-sufficiency, especially as the country continues to navigate the complexities of global markets, this strategic move positions Nigeria for success in the years to come.
Cover Photo Caption: L- R
Ola Adeniji- Office Of the SA Energy to the President; Moji Jimoh- NIMASA; Maijidda Ibrahim – NIMASA; Lawal Sade – NNPC; Amina Ado – FIRS; Sayyu Dantata – Dangote Refinary; Umar Ajiya -NNPC; Heineken Lokpobiri – Minister of State for Petroleum (oil) and Olu Verheijen – SA to the President on Energy.
Others are: Wale Edun – Honorable Minister of Finance and Coordinating Minister of The Economy; Mele Kyari – GCEO NNPC Ltd; Zacch Adedeji – FIRS Chairman/ Chairman Technical Sub- Committee on the sale of crude in Naira; Hauwa Ibrahim – SA to the Minister of Finance; Dapo Segun – NNPC; Aliyu Suleiman – Dangote Refinary; Olakunle Alake – Dangote Refinary and Commodore Oluseyi Oladipo – Nigerian Navy
(FMOF Press)
