President Bola Tinubu recently chaired a meeting involving key figures, including business magnate Aliko Dangote and Finance Minister Wale Edun, to implement the sale of Nigerian crude oil in naira, marking a shift away from transactions traditionally conducted in U.S. dollars. This move, which took effect on October 1, 2024, is part of the government’s strategy to reduce pressure on foreign reserves, stabilize domestic fuel prices, and foster greater economic self-sufficiency.
The initiative targets major local refineries, starting with the Dangote Refinery, which is expected to help stabilize fuel supply in Nigeria. The meeting involved various stakeholders, including officials from the Nigerian National Petroleum Company (NNPC), Federal Inland Revenue Service, and the Central Bank of Nigeria, who will monitor and refine the process as it unfolds.
