The federal government announced that Nigeria has begun selling crude oil and refined petroleum products in naira.
Wale Edun, Minister of Finance and Coordinating Minister of the Economy, made the announcement in a statement issued on Saturday, in accordance with the Federal Executive Council’s instruction.
Edun revealed that the crude oil sale was supported by major stakeholders in the oil and gas sector and will have a long-term impact on the country’s economy.
He stated that the sale would boost growth, stability, and self-sufficiency, noting that Nigeria is still navigating 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, key stakeholders confirmed the start of this strategic initiative.
“The meeting brought together prominent figures, including the Honourable Minister of State for 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.