Nigeria Makes Historic Move, Begins Crude Oil Sales in Naira

Nigeria has officially commenced the sale of crude oil and refined petroleum products in Naira, marking a major shift in the country’s economic strategy.

The Minister of Finance and Coordinating Minister of the Economy, Chief Olawale Edun, announced that, following a directive from the Federal Executive Council (FEC), the sale of crude oil and refined petroleum products in Naira began on October 1, 2024.

During a post-commencement review meeting of the Implementation Committee, chaired by the Minister of Finance, key stakeholders reaffirmed the start of this initiative. Among those present were the Minister of State for Petroleum (Oil), the Special Advisers to the President on Revenue and Energy, the Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), representatives from the Dangote Group, and the top management of the Nigerian National Petroleum Company (NNPC), including the Group Chief Executive Officer, Chief Financial Officer, and Executive Vice President (Downstream).

The Minister highlighted that this bold move by the Bola Ahmed Tinubu administration is poised to reshape Nigeria’s economic landscape, promoting growth, stability, and self-reliance as the country adapts to the shifting dynamics of global markets.