The Federal Government of Nigeria will commence crude oil sales in naira to the Dangote Refinery and other entities starting in October 2024. This initiative, announced by the Director of Press and Public Relations for the Federal Ministry of Finance and Economic Planning, Mohammed Manga, is part of a broader strategy to boost Nigeria’s economic growth and development.
Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, presided over the inaugural meeting of the implementation committee tasked with fast-tracking the transition. The committee outlined key roles for various stakeholders, including the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the Central Bank of Nigeria (CBN), the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), and the African Export-Import Bank (Afreximbank).
The decision to sell crude oil in naira is expected to have a significant impact on the country’s economy. Edun emphasized the importance of transparency in the process and directed the Technical Sub-Committee to finalize details and prepare a report for the president, ensuring that the initiative is on track for implementation from September.
The committee also provided updates on the Port Harcourt and Dangote Refineries, with significant production increases anticipated by November. The first delivery of Premium Motor Spirit (PMS) from the Dangote Refinery is expected in September.
