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Nigeria Begins Sale of Crude Oil, Refined Products in Naira
In a landmark move, Nigeria has officially commenced the sale of crude oil and refined petroleum products in Naira.
EKO HOT BLOG reports that the announcement was made by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, who confirmed that the policy took effect on October 1, 2024, following a directive from the Federal Executive Council (FEC).
This information was disclosed in a weekend statement by the Director of Information and Public Relations, Mr. Mohammed Manga.
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After a meeting of the Implementation Committee, chaired by the minister, key stakeholders endorsed the start of this strategic initiative.
Participants included the Honourable Minister of State for Petroleum, the President’s Special Advisers on Revenue and Energy, the Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), representatives from Dangote Group, and senior management of the Nigerian National Petroleum Company (NNPC), including the Group Chief Executive Officer and Chief Financial Officer.
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FURTHER READING
This bold policy, introduced under President Bola Ahmed Tinubu’s administration, is expected to significantly impact Nigeria’s economy, fostering growth, stability, and self-sufficiency.
As Nigeria navigates the complexities of global markets, this strategic shift positions the country for long-term success.
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