Nigeria Begins Selling Crude Oil and Refined Products in Naira

The federal government has officially begun selling crude oil and refined petroleum products in Naira, in a move aimed at boosting economic stability and self-sufficiency, Warri Sentinel has learnt. The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, announced that the sales, which began on 1 October, follow a directive from the Federal Executive Council (FEC).

A statement from Mohammed Manga, Director of Information and Public Relations at the Ministry of Finance, confirmed that the implementation of this new policy was endorsed by key stakeholders during a post-commencement review meeting chaired by the finance minister.

The policy, which is a part of President Bola Tinubu’s broader economic strategy, is expected to foster economic growth and reduce Nigeria’s reliance on foreign currencies for energy transactions. The government hopes that selling crude oil to local refineries, including the Dangote Petroleum Refinery, in naira will help stabilise pump prices, potentially leading to lower and more predictable fuel costs for Nigerians.

The initiative comes about nine weeks after the FEC approved a proposal instructing the Nigerian National Petroleum Corporation (NNPC) to sell crude in naira. The move is expected to better position Nigeria to navigate the complexities of global energy markets and achieve long-term economic success.