By Joyce Remi-Babayeju
The Executive Secretary, Nigerian Christian Pilgrim Commission (NCPC), Bishop Stephen Adegbite, has lauded the Federal Government’s recent directive to the Nigerian National Petroleum Company Ltd ,NNPCL, to sell crude oil to local refineries in naira.
The NCPC boss said, “This is a bold move to stabilize the economy and promote local refining.” He explained that this presupposes that the NNPCL will sell crude oil to local refineries, including the Dangote Refinery, in Naira.
Bishop Adegbite noted that the sale of NNPCL/Local Refinery oil and Premium Motor Spirit (PMS) sale in Naira is now open to more marketers in the purchase and sale of petroleum products.
He said, “this policy change is aimed at conserving Foreign Exchange reserves, stimulating local refining activities, and reducing Nigeria’s dependence on imported petroleum products.”
According to him, the benefits acquired in the new petroleum policy would help in strengthening Nigeria’s local currency and reducing import dependency.
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