Today, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, officially inaugurated the Technical Sub-Committee responsible for developing a framework for the sale of crude oil to local refineries in Naira. This initiative is part of a broader presidential directive aimed at boosting Nigeria’s refining capacity and promoting economic growth by encouraging local processing of crude oil.
The inauguration followed a stakeholders’ meeting attended by key government officials and representatives from local refineries, including the Dangote Refinery. Discussions focused on the strategic implementation of this directive, which is expected to enhance Nigeria’s self-sufficiency in fuel production and reduce reliance on crude oil exports.
The committee, comprising influential figures such as the Permanent Secretary of the Ministry of Finance, Mrs. Lydia Jafiya; the Executive Chairman of the Federal Inland Revenue Service (FIRS), Dr. Zacch Adedeji; and representatives from the Nigerian National Petroleum Corporation Limited (NNPCL), Central Bank of Nigeria (CBN), Afrexim Bank, and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), has been tasked with developing a robust template to ensure the initiative’s success.
In his remarks, Minister Edun highlighted the critical importance of the committee’s work, emphasizing that this initiative is central to Nigeria’s strategy of becoming a refining hub in Africa. He noted that localizing crude sales in Naira would significantly boost the economy by fostering local expertise in the energy sector and reducing the country’s dependency on foreign exchange for oil transactions.
Edun also commended the committee members for their commitment and urged them to work diligently to meet the expectations of the presidential directive. He concluded by reiterating the government’s goal of transforming Nigeria’s energy sector into one that is self-reliant and globally competitive, ultimately contributing to the nation’s long-term economic stability and growth.
