Nigeria commences crude oil sale to Dangote in naira
Ilenre Irele
The Federal government said it has officially begun the sale of crude oil and refined petroleum products in naira.
Recall that the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, disclosed this in a statement on Saturday, in line with the Federal Executive Council’s directive.
On July 29, the FEC approved a proposal by President Bola Tinubu directing the Nigerian National Petroleum Company to sell crude oil to Dangote Petroleum refinery and other refineries in naira.
Days later, the federal government said the sale of crude oil to the Dangote refinery and other refineries in naira would commence on October 1.
However, according to Edun, the commencement of the sale of crude oil was affirmed by key stakeholders in the oil and gas sector and is expected to have a lasting impact on the economy, enhancing growth, stability, and self-sufficiency.
He added that the country continues to navigate the complexities of global markets, and the strategic move positions Nigeria for success in the future.
The statement added, “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).”
