BY Bunmi Aduloju
Wale Edun, minister of finance and coordinating minister of the economy, on Tuesday, held a meeting with relevant stakeholders on crude oil sale to refineries in naira — the local currency.
On July 29, the federal executive council (FEC) had approved a proposal by Tinubu, directing the Nigerian National Petroleum Company (NNPC) Limited to sell crude oil to the Dangote refinery and other refineries in naira.
The meeting was to ensure the full implementation of the president’s directive, according to a statement by Mohammed Manga, director of information and public relations at the ministry of finance.
The statement said the meeting was held in Edun’s office in Abuja, and aimed at reinforcing the local economy.
“This initiative aims at strengthening the domestic economy as well as supporting the sustainable operations of local refineries, including the Dangote Refinery,” the statement reads.
“The meeting which brought together important stakeholders, including Mr. Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil); Mr. Mele Kyari, Group Chief Executive Officer of NNPCL; Dr. Zacch Adedeji, Executive Chairman of the Federal Inland Revenue Service (FIRS); Mrs. Lydia Shehu Jafiya, Permanent Secretary of the Federal Ministry of Finance; and other notable participants provided an opportunity for in-depth discussions, which underscored longstanding challenges within the petroleum sector.
“As the meeting drew to a close, a sense of strong confidence and collective purpose filled the air with HM Edun expressing optimism that with the collaborative efforts of all stakeholders, this groundbreaking initiative will empower local refineries, stimulate economic growth, and redefine the nation’s petroleum landscape.”
Manga said by utilising the collaborative spirit of key stakeholders, Nigeria is poised to witness a transformative shift in its economic trajectory.
“Thus, the country is set to unlock new opportunities, overcome longstanding challenges, and emerge stronger,” he said.
The finance ministry added that the naira crude sale initiative marks a significant milestone in Nigeria’s journey towards economic prosperity, “and all eyes are on the promising future that lies ahead.”
Here are photos from the meeting:
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