Nigeria has begun the sale of crude oil and refined petroleum products in naira, as announced by the federal government.
The announcement was made by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, in a statement issued on Saturday, in accordance with the Federal Executive Council’s instruction.
Edun disclosed that the crude oil sale was backed by major stakeholders in the oil and gas sector and will have a lasting impact on the nation’s economy.
He stated that the sale would enhance growth, stability, and self-sufficiency, adding that Nigeria continues to navigate the complexities of global markets as the move positions the country for success.
“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, the representative of the Chairman of Dangote Group, the Vice President of Dangote Group, and the management of the Nigerian National Petroleum Company, led by the Group Chief Executive Officer, Chief Financial Officer, and Executive Vice President (Downstream),” the statement noted.