By Milcah Tanimu
In a strategic move to boost Nigeria’s domestic economy, Finance Minister Wale Edun has organized a crucial meeting to advance President Bola Tinubu’s directive on local crude oil sales. The meeting, held on Monday at the Finance Ministry in Abuja, included key figures such as Senator Heineken Lokpobiri, Minister of State for Petroleum Resources; Mele Kyari, Group Chief Executive Officer of NNPCL; Zacch Adedeji, Executive Chairman of the Federal Inland Revenue Service; and Lydia Jafiya, Permanent Secretary of the Ministry of Finance.
The focus of this initiative is to facilitate the sale of crude oil to local refineries, including the Dangote Refinery, in Naira. This approach aims to strengthen Nigeria’s domestic economy and ensure the sustainable operation of local refineries.
The Finance Ministry’s official X account detailed the meeting’s objectives: “The Honourable Minister of Finance and Coordinating Minister of the Economy, Wale Edun, led discussions to implement President Tinubu’s directive for NNPCL to sell crude oil to local refineries in Naira. This strategy is designed to support the domestic economy and promote the sustainable function of refineries, notably the Dangote Refinery.”
The meeting highlighted persistent challenges within the petroleum sector, but Minister Edun expressed strong confidence in the collective efforts of all parties to meet the directive’s goals.
President Tinubu’s recent instruction mandates NNPCL to sell crude oil in Naira to local refineries, with Dangote Refinery identified as a key pilot. The Federal Executive Council has approved the sale of 450,000 barrels of crude oil for domestic use in Naira, aimed at stabilizing fuel prices and the Naira-dollar exchange rate.
Current assessments reveal that Dangote Refinery requires 15 cargoes of crude oil annually, valued at $13.5 billion. NNPC has committed to supplying four cargoes amidst ongoing challenges related to crude oil supply and regulatory disputes.
This new policy marks a significant step towards enhancing Nigeria’s petroleum sector and reinforcing its economic stability.
