In a historic move, Nigeria has begun the sale of crude oil and refined petroleum products in Naira, marking a new chapter in the country’s economic strategy. The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, confirmed the commencement of this initiative following the Federal Executive Council's directive, which took effect on October 1, 2024.
This groundbreaking policy was affirmed during a post-commencement review led by Mr. Edun and attended by prominent stakeholders, including the Honourable Minister of State for Petroleum, the Special Advisers to the President on Revenue and Energy, executives from the Nigerian National Petroleum Company (NNPC), and representatives from the Dangote Group.
The administration of President Bola Ahmed Tinubu is confident that this strategic initiative will strengthen Nigeria’s economy, reduce dependence on foreign currencies, and create greater economic stability. The sale of crude oil in local currency is expected to foster growth, increase self-sufficiency, and position Nigeria competitively in global markets.
Mohammed Manga, Director of Information and Public Relations, issued the statement on October 5, 2024, highlighting the significance of this bold step in advancing Nigeria’s economic agenda.
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