Finance Minister, Wale Edun, has said that the sale of crude oil to Dangote Refinery and other local refineries in Nigeria will begin in naira on October 1, 2024.
Edun revealed this during a meeting with the Implementation Committee in Abuja, aimed at reviewing the progress of the naira-based crude oil sales transition.
This shift to naira payments is intended to stabilize fuel pump prices and the dollar-naira exchange rate.
The meeting highlighted the roles of various stakeholders, including the Nigerian Midstream and Downstream Petroleum Regulatory Authority, the Central Bank of Nigeria, and the Nigerian Upstream Petroleum Regulatory Commission, in ensuring a smooth transition.
The Federal Executive Council had previously approved this transition, starting with the Dangote Refinery as a pilot project.
The government expects this initiative to boost local refining capacity, reduce reliance on imported fuel, save foreign exchange, and contribute to economic stability.
