The Federal Government has officially begun selling crude oil and refined petroleum products in local currency, the Naira.

Mr. Olawale Edun, the Finance and Coordinating Minister of the Economy, announced this in accordance with the Federal Executive Council (FEC) directive.

Persecondnews recalls that FEC had directed the sale of crude oil and refined petroleum products in Naira to commence on October 1, 2024.

Mr. Mohammed Manga, the Director, Information and Public Relations at the Federal Ministry of Finance, said in a statement: “Following a meeting of the Implementation Committee, chaired by the 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.”

He said the meeting brought together prominent figures, including the 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).

He also said the strategic initiative and bold step by the President Bola Tinubu-led administration is expected to have a lasting impact on Nigeria’s economy, fostering growth, stability, and self-sufficiency, especially as the country continues to navigate the complexities of global markets.

The minister noted that the strategic move would position Nigeria for economic growth in the years to come.