Nigeria officially commence sale of crude oil in Naira

Nigeria has officially commenced the sale of crude oil and other refined petroleum products in Naira.

Minister of Finance and Coordinating Minister of the Economy, Wale Edun announced that, in line with the Federal Executive Council (FEC) directive, the sale of crude oil and refined petroleum products in Naira has officially commenced as of October 1, 2024.

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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 affirmed the commencement of this strategic initiative, HM Edun disclosed.

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 (NMDPRA), the representative of the Chairman of Dangote Group, the Vice President of Dangote Group, and the management of the Nigerian National Petroleum Company (NNPC), led by the Group Chief Executive Officer (GCEO), Chief Financial Officer (CFO), and Executive Vice President (Downstream).