Nigerian Government Begins Crude Oil Sales in Naira

The Nigerian government officially commenced selling crude oil and refined petroleum products in Naira starting from 1 October 2024, according to a statement from the Federal Ministry of Finance.

The ministry's announcement, made on its X handle, highlighted that this move aligns with the Federal Executive Council's (FEC) directive. The post-commencement review of the initiative took place on 3 October, led by Wale Edun, the Minister of Finance and Coordinating Minister of the Economy.

Key stakeholders involved in the implementation, including the Nigerian National Petroleum Company (NNPC), Dangote Group representatives, and petroleum regulators, affirmed the initiative's launch.

This development follows ongoing disputes between Dangote Group and international oil companies over crude oil supply, pricing, and regulatory concerns. To address these issues, the FEC directed the NNPC and local refineries to conduct crude oil sales and refined products transactions in Naira.