FG moves to implement sale of crude oil in Naira to local refineries by NNPCL

FG moves to implement sale of crude oil in Naira to local refineries by NNPCL

In a bold move to ensure the full implementation of the President Bola Ahmed Tinubu’s directive for the Nigerian National Petroleum Corporation Limited (NNPCL) to sell crude oil to local refineries in Naira, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun has today in his office in Abuja met with relevant stakeholders with a view to ensuring the realization of this policy objective of the Federal Government

This initiative aims at  strengthening

the domestic economy as well as supporting the sustainable operations of local refineries, including the Dangote Refinery.

The meeting which brought together important stakeholders, including Mr. Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil); Mr. Mele Kyari, Group Chief Executive Officer of NNPCL; Dr. Zacch Adedeji, Executive Chairman of the Federal Inland Revenue Service (FIRS); Mrs. Lydia Shehu Jafiya, Permanent Secretary of the Federal Ministry of Finance; and other notable participants provided an opportunity for in-depth discussions, which underscored longstanding challenges within the petroleum sector.

As the meeting drew to a close, a sense of strong confidence and collective purpose filled the air with HM Edun expressing optimism that with the collaborative efforts of all stakeholders, this groundbreaking initiative will empower local refineries, stimulate economic growth, and redefine the nation’s petroleum landscape.

By harnessing the collaborative spirit of key stakeholders, Nigeria is poised to witness a transformative shift in its economic trajectory. Thus, the country is set to unlock new opportunities, overcome longstanding challenges, and emerge stronger.

The Naira Crude Sales initiative marks a significant milestone in Nigeria’s journey towards economic prosperity, and all eyes are on the promising future that lies ahead.

Signed

Mohammed Manga, FCAI

Director, Information and Public Relations

August 13, 2024