Efforts to convert Naira into crude oil have already begun, and the crude oil will be sold to Naira’s Dangote refinery and other facilities. In return, the Dangote refinery will supply equivalent value of PMS (petrol) and diesel to the domestic market, also in Naira.
According to Edun, the sale of crude oil in naira, which was initially approved by the Federal Executive Commission in July, officially began on October 1, 2024, in accordance with the directives of the Federal Executive Commission (FEC).
Edun said key stakeholders supported the launch of the strategic initiative following a meeting of the implementation committee chaired by him to conduct a post-commencement review of crude oil and refined products in Naira. revealed.
“The strategic initiatives and bold steps taken by the President Bola Ahmed Tinubu-led administration will foster growth, stability and self-sufficiency and provide lasting benefits to the Nigerian economy, especially as Nigeria continues to navigate the complexities of global markets. “This strategic move positions Nigeria for success in the years ahead,” the statement read.
The Prime Minister attended the stakeholder meeting. Minister of Petroleum Heineken Lokpobiri, Dangote Group Vice President Edwin Devakumar, NNPC Group Chief Executive Officer (GCEO) Mele Kyari and others will be present.
The Chairman of the Committee and the Director of FIRS commented on this initiative as follows: PMS is sold only to NNPC. NNPC will then sell to various marketers for the time being. All related regulatory fees (NPA, NIMASA, etc.) are also paid in naira.
Economic experts explained that if successfully implemented, the initiative would reduce pressure on the naira, reduce unnecessary transaction costs and increase availability of petroleum products across the country.
