The Minister of Finance and Coordinating Minister of the Economy, Wale Edun during the week chaired a high-level meeting of the Federal Executive Council’s Steering Committee on Domestic Crude Oil and Refined Products Sales in Naira.
The meeting, held in Abuja, brought together top officials from key government and private sector institutions, including the Federal Inland Revenue Service (FIRS), the Nigerian National Petroleum Company (NNPC) Limited, Dangote and NNPC Refineries, the Central Bank of Nigeria (CBN), the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), and the Nigerian Ports Authority (NPA).
Discussions centred on the implementation of the crude-for-naira initiative, which forms part of broader efforts to reform Nigeria’s energy market.
The committee emphasised the role of the One Stop Shop coordination mechanism in fostering seamless collaboration among stakeholders.
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According to a press statement issued by the ministry’s Director of Information and Public Relations, Mohammed Manga, the crude-for-naira policy is expected to stabilise the foreign exchange market, boost local industry, and reduce Nigeria’s dependence on petroleum imports.
The initiative, the ministry said, would deliver long-term economic benefits to both Nigerians and the private sector by promoting self-reliance and sustainable growth in the energy sector.
