Nigeria commences crude oil sales in naira to Dangote, other refineries

President Tinubu approved the crude oil sale in naira initiative as part of his government’s efforts to stimulate economic growth and self-sufficiency in the long term.

The Nigerian government has officially commenced the sales of crude oil and refined petroleum products in naira to Dangote Refinery and other indigenous refining companies.

This is according to a statement by the Director of Information and Public Relations in the Ministry of Finance, Mohammed Manga, on Saturday, October 4, 2024.

The statement quoted the Minister of Finance and Coordinating Minister of the Economy, Wale Edun as saying that the sale of the products in naira commenced on October 1, in line with the Federal Executive Council (FEC) directive.

Manga explained that the strategic initiative and bold step taken by President Bola Tinubu's government is expected to have a lasting impact on Nigeria’s economy, enhancing growth, stability, and self-sufficiency.

He added that Nigeria continues to swim through the complexities of global markets, and the strategic move positions the country for success in the future.

The development came barely two months after the FEC approved Tinubu's proposal directing the NNPC Limited to sell crude oil to Dangote Refinery and other local refineries in naira.

The policy aims to ensure stable pump prices, potentially resulting in lower and more predictable fuel costs for consumers.

It will also ease the pressure on foreign reserves, leading to the stabilisation of the dollar-naira exchange rate and controlling inflation.

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