Nigeria has commenced the sale of crude oil and refined petroleum products in Naira effective from October
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, announced that in line with the Federal Executive Council’s (FEC’s) directive, the sale of crude oil and refined petroleum products in Naira had commenced on October 1, 2024.
He explained that this was sequel to a meeting of the Implementation Committee established to conduct a post-commencement review of the Crude Oil and Refined Products Sales in Naira initiative, and that stakeholders confirmed the commencement of the initiative.
Analysts believe that the initiative taken by the President Tinubu-led administration will have a lasting impact on Nigeria’s economy, fostering growth, stability, and self-sufficiency, especially as the country continues to navigate the complexities of global markets, this strategic move positions Nigeria for success in the years ahead.
