Nigeria has officially launched the sale of crude oil and refined petroleum products in naira, according to the Federal Government. This initiative, which began on October 1, was announced by Wale Edun, the Minister of Finance and Coordinating Minister of the Economy.
The move follows a directive from the Federal Executive Council (FEC), marking a significant shift in the nation’s energy sector.
In a statement by the Ministry of Finance’s Director of Information and Public Relations, Mohammed Manga, the commencement of the policy was affirmed during a meeting of the Implementation Committee chaired by the Minister of Finance.
The meeting was attended by top government officials and industry leaders, including representatives from the Nigerian National Petroleum Company (NNPC) and the Dangote Group.
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The policy is expected to stabilize pump prices and reduce pressure on the naira-dollar exchange rate by conducting transactions in the local currency instead of dollars. This could lower inflation and strengthen local refining capacity, leading to reduced dependency on imported fuel.
The strategy is aimed at boosting economic stability and self-sufficiency while positioning Nigeria to navigate global market complexities with greater resilience.
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