The federal government says Nigeria has officially commenced the sale of crude oil and refined petroleum products in naira.

Wale Edun, minister of finance and coordinating minister of the economy, in a statement on Saturday, announced that in line with the federal executive council (FEC) directive, the sale of the products in naira commenced on October 1.

“Following a meeting of the Implementation Committee, Chaired by the 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,” he said.

“The meeting brought together prominent figures, including the 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).”

According to the statement, the strategic initiative and bold step taken by President Bola Tinubu-led administration is expected to have a lasting impact on Nigeria’s economy, enhancing growth, stability, and self-sufficiency.

The ministry said the country continues to navigate the complexities of global markets, and the strategic move positions Nigeria for success in the years to come.

On July 29, the FEC approved a proposal by Tinubu directing the NNPC to sell crude oil to Dangote Petroleum Refinery and other refineries in naira.

The federal government said the sale of crude oil to the Dangote refinery and other refineries in naira would commence on October 1.

On September 30, Eche Idoko, publicity secretary of Crude Oil Refinery-owners Association of Nigeria (CORAN), said the sale will start with refineries producing petrol.

Three days later, the Nigerian Ports Authority (NPA) said it had commencedimplementation of the federal government directive to coordinate service provision from all stakeholders for the smooth sale of crude oil in naira to the Dangote refinery.

The Cable