Mr. Wale Edun, Minister of Finance and Coordinating Minister of the Economy, convened a meeting with key stakeholders to advance the policy of selling crude oil in naira to the Dangote Refinery and other local refineries, which is a critical step toward implementing President Bola Ahmed Tinubu’s directive. This plan intends to support domestic refineries while also stabilizing the nation’s economic environment.
The meeting, held yesterday at the Ministry of Finance headquarters in Abuja, brought together notable figures including Senator Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil); Mr. Mele Kyari, Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL); Dr. Zacch Adedeji, Executive Chairman of the Federal Inland Revenue Service (FIRS); and Mrs. Lydia Shehu Jafiya, Permanent Secretary of the Federal Ministry of Finance. The discussions highlighted ongoing challenges in the petroleum sector and explored strategies to achieve the policy’s objectives.
Although specific outcomes of the meeting were not disclosed, a statement from Mohammed Manga, Director of Information and Public Relations at the Ministry of Finance, emphasized the policy’s potential to bolster the domestic economy and enhance the operational capacity of local refineries. The Naira Crude Sales initiative is expected to bring significant changes to Nigeria’s petroleum sector by fostering local refinery growth and reducing the nation’s dependency on foreign currency for crude transactions.
In a related development, Dumebi Kachikwu, the 2023 presidential candidate of the African Democratic Congress (ADC), addressed concerns regarding the Dangote Refinery. Kachikwu refuted claims of sabotage, suggesting instead that Aliko Dangote had ventured into a sector with established dominant players, contrasting with his previous success in Nigeria’s food and cement industries.
President Tinubu’s directive, announced on July 27, instructs NNPCL to sell crude oil in naira to Dangote Refinery and other local refineries. This policy is designed to stabilize the price of refined fuel and the Dollar-Naira exchange rate, as highlighted by Special Adviser to the President on Information and Publicity, Bayo Onanuga. The move is expected to eliminate the need for international letters of credit, potentially saving billions of dollars previously spent on importing refined fuel.
