The Nigerian government has taken a significant step towards ensuring the stability of fuel prices and the dollar-naira exchange rate.
The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, led an Implementation Committee meeting on the transition to crude oil sales in naira.
The meeting outlined key roles for stakeholders, including the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Central Bank of Nigeria, Nigerian Upstream Petroleum Regulatory Commission, and the African Export-Import Bank. The aim is to ensure a smooth implementation of the new policy.
Starting October 1, 2024, the Dangote Refinery will commence receiving crude oil payments in naira. This move follows the Federal Executive Council’s approval of President Tinubu’s proposal to halt the sale of crude oil to local refineries in foreign currency.
The Council approved the sale of 450,000 barrels meant for domestic consumption in naira to Nigerian refineries, with the Dangote refinery serving as a pilot. This move is expected to stabilize the pump price of refined fuel and the dollar-naira exchange rate.
The implementation of this policy is a significant step towards achieving economic stability in Nigeria. It demonstrates the government’s commitment to ensuring that the benefits of the country’s natural resources are shared equitably among its citizens.
