In a landmark decision, Nigeria has initiated the sale of crude oil and refined petroleum products in Naira, signaling a pivotal shift in its economic strategy. Finance Minister and Coordinating Minister of the Economy, Mr. Wale Edun, announced the launch of this initiative, which was implemented following the Federal Executive Council’s directive effective October 1, 2024.

The policy was reinforced during a review meeting led by Mr. Edun, attended by key stakeholders, including the Minister of State for Petroleum, presidential advisers on revenue and energy, executives from the Nigerian National Petroleum Company (NNPC), and representatives from the Dangote Group.

President Bola Ahmed Tinubu’s administration believes this initiative will bolster Nigeria’s economy, reduce reliance on foreign currencies, and enhance economic stability. Selling crude oil in local currency aims to promote growth, increase self-sufficiency, and strengthen Nigeria’s competitive position in global markets.

On October 5, 2024, Mohammed Manga, Director of Information and Public Relations, emphasized the importance of this significant step in advancing Nigeria’s economic objectives.