Newscenter Media News In a bid to ease the pressure on foreign exchange reserves, Nigeria has officially commenced the sales of crude oil and refined petroleum products in naira, the Federal Government has announced.
This was announced in a statement by the Director of the Information and Public Relations, Ministry of Finance, Mohammed Manga.on Saturday, October 4,2024.
Manga, while quoting the Minister of Finance and Coordinating Minister of the Economy, Wale Edun said this development was in line with the Federal Executive Council (FEC) directive that the sale of the products in naira should commence on October 1.
He noted that this will further lead to the stabilization of the dollar-Naira exchange rate and control inflation.
“Following a meeting of the Implementation Committee, Chaired by the Honourable Minister of Finance and Coordinating Minister of the Economy to conduct a post-commencement review of the Crude Oil and Refined Products Sales in Naira initiative, the commencement of this strategic initiative was affirmed by key stakeholders,” the statement read.
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“The meeting brought together prominent figures, including the Honourable Minister of State, Petroleum (Oil), the Special Adviser to the President on Revenue, the Special Adviser to the President on Energy, the Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the representative of the Chairman of Dangote Group, the Vice President of Dangote Group, and the management of the Nigerian National Petroleum Company (NNPC), led by the Group Chief Executive Officer (GCEO), Chief Financial Officer (CFO), and Executive Vice President (Downstream).”
Manga noted that the strategic initiative and bold step taken by President Bola Tinubu-led administration was expected to have a lasting impact on Nigeria’s economy, enhancing growth, stability, and self-sufficiency.
He added that the country continues to navigate the complexities of global markets, and the strategic move positions Nigeria for success in the future.
By Babajide Okeowo
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