The Federal Government of Nigeria has officially commenced the sale of crude oil and refined petroleum products in Naira, effective October 1st, 2024.
This development follows a directive from the Federal Executive Council (FEC), aimed at enhancing the country’s economic sovereignty.
The Minister of Finance and Coordinating Minister of the Economy, Mr. Adebayo Olawale Edun, made the announcement through his X (formerly Twitter) account. In his statement, he noted, “In line with the directive of the FEC, the sale of crude oil and refined petroleum products in Naira has officially started from October 1st, 2024.”
A post-commencement review meeting was held on October 3rd, 2024, to assess the progress of this new policy. Chaired by Mr. Edun, the meeting was attended by key stakeholders, including the Minister of State for Petroleum, the Special Advisers to the President on Revenue and Energy, top officials of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), and representatives from Dangote Group and the Nigerian National Petroleum Company (NNPC).
The Group Chief Executive Officer (GCEO) of NNPC and other executives affirmed the successful commencement of the initiative, which is expected to strengthen the local currency and stabilize the oil market within Nigeria.
