Federal Government to Introduce Crude Oil Sales in Naira Starting October

The Federal Government of Nigeria has announced plans to commence crude oil sales in Naira to Dangote Refinery and other buyers beginning in October.

On Monday in Abuja, this announcement was made in a statement by Mr. Mohammed Manga, Director of Press and Public Relations at the Federal Ministry of Finance and Economic Planning. The decision was highlighted during the inaugural meeting of the implementation committee, which was chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.

"The Minister chaired an important meeting of the implementation committee on crude oil sales in Naira today. This marks a significant step towards the rapid implementation of the presidential directive on crude oil transactions in Naira, aimed at boosting Nigeria’s economic growth and development," Manga stated.

He further noted that the committee reviewed progress on key initiatives, including the scheduled commencement of Naira payments for crude oil sales to Dangote Refinery starting from October 1.

According to him,  key roles were outlined for stakeholders, including the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA),  the Central Bank of Nigeria (CBN).

He said that the   Nigerian Upstream Petroleum Regulatory Commission (NUPRC).and the African Export-Import Bank (Afreximbank).were also. assigned roles to ensure smooth implementation.

“Updates on the Port Harcourt and Dangote Refineries were also provided, with significant production increases expected from November,” he said.