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Nigeria begins historic crude oil sales in Naira

October 6, 2024 • 1 min read

October 06, 2024

By Samuel Ogunsona

Nigeria has taken a significant step towards economic growth and self-sufficiency by commencing the sale of crude oil and refined petroleum products in Naira as of October 1, 2024.

This groundbreaking move, announced by the Honourable Minister of Finance and Coordinating Minister of the Economy, Wale Edun, on Saturday, October 5, 2024, is in line with the Federal Executive Council (FEC) directive.

The Implementation Committee, chaired by the Honourable Minister of Finance, reviewed the progress of the Crude Oil and Refined Products Sales in Naira initiative.

“The sale of crude oil and refined products in Naira has officially begun as directed by the Federal Executive Council. This initiative marks a bold step towards economic sustainability and currency stability,” Edun stated.

Key stakeholders, including the Honourable Minister of State, Petroleum (Oil), and representatives from the Nigerian National Petroleum Company (NNPC) and Dangote Group, affirmed the commencement of this strategic initiative.

This bold step by the President Bola Ahmed Tinubu-led Administration is expected to have a lasting impact on Nigeria’s economy, fostering growth, stability, and self-sufficiency. The country’s ability to navigate global market complexities will be enhanced, positioning Nigeria for success in the years to come.