Nigeria begins selling crude oil in Naira, aiming to boost economic growth and reduce reliance on foreign currencies under the new policy by Wale Edun.
In a significant shift, Nigeria has started selling crude oil and refined petroleum products in Naira. The decision, effective from October 1, 2024, follows a Federal Executive Council directive aimed at boosting economic growth and reducing reliance on foreign currencies.
The policy, championed by Finance Minister Wale Edun and supported by key stakeholders like NNPC and the Dangote Group, marks a new phase in Nigeria’s economic strategy.
Also read: Nigeria’s Crude Oil Production Boosts To 1.4mbd – OPEC
In a bold and unprecedented move, Nigeria has officially commenced the sale of crude oil and refined petroleum products in Naira.
This significant milestone was announced by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, as part of the country’s ongoing economic reforms.
The policy, which took effect on October 1, 2024, was implemented following a directive from the Federal Executive Council (FEC).
The decision was made after a key meeting of the Implementation Committee, chaired by Edun, to assess the progress of this crucial initiative.
The meeting included notable stakeholders such as the Minister of State for Petroleum (Oil), special advisers to the President on Revenue and Energy, and top executives from the Nigerian National Petroleum Company (NNPC) and Dangote Group.
Their involvement underscores the national importance of this strategic shift in economic policy.
This initiative, supported by President Bola Ahmed Tinubu’s administration, is expected to reshape Nigeria’s economic landscape.
By selling oil in Naira, the country seeks to foster economic growth, enhance financial stability, and promote self-sufficiency.
The move is also aimed at reducing Nigeria’s dependence on foreign currencies, providing long-term benefits amid fluctuating global market conditions.
