In a bold move to revolutionize Nigeria’s economy, the Federal Government’s initiative to sell crude oil to local refiners in Naira is paying off.
The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun revealed the progress of this transformative program when he briefed members of the press shortly after meeting with President Bola Ahmed Tinubu at the Presidential Villa, State House, Abuja today.
The Minister informed that with Dangote’s 650,000 barrels per day refinery leading the charge, this innovative approach is driving market-driven pricing for petroleum and foreign exchange, stimulating private investment, economic growth, and job creation
Key benefits of this initiative include:
i. Market-Driven Pricing: Encourages private sector investment and growth;
ii. Economic Growth:
iii. Boosts job creation and stimulates economic activity;
iv. Increased Transparency: Eliminates unnecessary transaction costs and Improved Availability: Enhances access to petroleum products nationwide.
As Nigeria takes significant strides towards industrialization and modernization, the Naira crude sale initiative is a shining example of visionary leadership.
With the collaboration of key stakeholders, including Dangote Refinery, this bold move is poised to transform Nigeria’s economy, unlocking a brighter future for its citizens.
Signed
Mohammed Manga FCIA
Director, Information and Public Relations
