The Nigerian government, led by Finance Minister Wale Edun, has officially commenced its Naira-for-crude sale agreement with Dangote Refinery as of October 1, 2024. This announcement was made in a statement shared on the Ministry of Finance's official X account on Saturday.
Minister Edun confirmed that this initiative aligns with the directive from the Federal Executive Council (FEC). He mentioned that stakeholders met on October 3, 2024, to review the implementation of this new agreement.
“In line with the FEC directive, the sale of crude oil and refined petroleum products in Naira has officially started as of October 1, 2024,” Edun stated. He added that a meeting chaired by him on October 3 affirmed the successful initiation of this strategic initiative with input from key stakeholders.
The meeting included significant figures such as the Minister of State for Petroleum, the Special Adviser to the President on Revenue, the Special Adviser on Energy, the Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), and representatives from Dangote Group and the Nigerian National Petroleum Company (NNPC).
This agreement comes at a time of uncertainty regarding its implementation following the announced kickoff date. In July 2024, President Bola Ahmed Tinubu directed NNPCL to facilitate the sale of crude oil in Naira to Dangote Refinery to stabilize petrol prices in the country.
Industry experts have suggested that this deal may result in a reduction in fuel pump prices, which currently range from N950 to N1,100 per liter.
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