Nigeria has officially commenced the sale of crude oil and refined petroleum products in naira, raising hopes that the prices of these products will be shielded from global oil market volatility. The announcement was made by Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, in a statement signed by the ministry’s Spokesman, Mr. Mohammed Manga. In accordance with the Federal Executive Council (FEC) directive, the sales transition to naira took effect on October 1, 2024.
Edun stated, “Following a meeting of the Implementation Committee, chaired by the Minister of Finance and Coordinating Minister of the Economy, a post-commencement review of the Crude Oil and Refined Products Sales in Naira initiative was conducted, and the commencement of this strategic initiative was affirmed by key stakeholders.”
The meeting brought together key figures such as the Honourable Minister of State for Petroleum (Oil), the Special Advisers to the President on Revenue and Energy, the Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), representatives from Dangote Group, and senior executives of the Nigerian National Petroleum Company (NNPC), including the Group Chief Executive Officer (GCEO), Chief Financial Officer (CFO), and Executive Vice President (Downstream).
This strategic initiative is expected to have a significant impact on Nigeria’s economy by promoting growth, stability, and self-sufficiency. As the country continues to navigate the complexities of global markets, this bold move positions Nigeria for long-term success.
