Nigeria Begins Historic Sales of Crude Oil in Naira
In a great historic move, Nigeria has officially launched naira-denominated sales of crude oil and refined petroleum products.
The milestone, announced by Minister of Finance and Coordinating Minister of the Economy, Wale Edun, marks a new chapter in Nigeria’s economic strategy.
The Federal Executive Council (FEC) directive to trade crude oil and petroleum products in the naira from October 1, 2024, came after a crucial meeting of the Implementation Committee.
The committee, chaired by Edun, was convened to review the progress of the initiative since its inception.
The meeting was attended by prominent stakeholders, including the Minister of State for Petroleum, the Special Advisor to the President on Revenue and Energy, senior executives of the Nigerian National Petroleum Corporation (NNPC), and top representatives of the Dangote Group The Group Chief Executive Officer (GCEO) and Chief Financial Officer (CFO) of the NNPC were also in attendance, and the initiative’s national importance.
This strategic policy advocated by the Bola Ahmed Tinubu administration is expected to reshape the Nigerian economy.
By denominating oil sales in naira, Nigeria aims to enhance economic growth, increase stability, and promote self-sufficiency.
This move is seen as an important step toward reducing dependence on foreign currency and ensuring Nigeria’s long-term success in the face of the ever-changing dynamics of the global marketplace.
