The Federal Government of Nigeria has officially begun the sale of crude oil and refined petroleum products in naira.
This initiative, which started on October 1, 2024, is aimed at reducing pressure on the local currency and improving the availability of fuel products within the country.
The Ministry of Finance revealed this development in a recent update, following the Federal Executive Council’s approval of the plan.
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The sales agreement primarily focuses on supplying about 385,000 barrels of crude oil per day to the Dangote refinery, with payments made in naira.
In return, Dangote refinery will provide petrol and diesel to the domestic market, also priced in naira. Diesel will be available for any buyer, while petrol sales will be exclusively through the Nigerian National Petroleum Company (NNPC).
Government officials emphasized that this strategy is designed to cut unnecessary transaction costs, streamline regulatory processes, and strengthen the naira.
However, there have been no comments from the Dangote refinery and other stakeholders regarding the current status of the deal.
Key figures involved in this project include the Minister of Finance, the Special Adviser to the President on Energy, and top executives from NNPC.
The government has set up a one-stop shop to ensure smooth regulatory operations throughout the initiative.
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