Nigeria to Sell Crude Oil in Naira Starting October

The Nigerian government has announced that sales of crude oil to local refineries, including the Dangote Refinery, will begin in naira on October 1, 2024. This decision, led by Finance Minister Wale Edun, aims to stabilize fuel prices and the dollar-naira exchange rate following the Federal Executive Council's approval to stop crude oil sales in foreign currency. During a meeting with the Implementation Committee, key stakeholder roles were defined to ensure smooth operations, including contributions from various regulatory bodies and financial institutions. The first delivery of Petroleum Motor Spirit (PMS) from Dangote is expected next month, with significant production increases anticipated from November 2024. Transparency and compliance with planned directives were emphasized, with a report to be prepared for the President by the Technical Sub-Committee. This initiative marks a significant policy shift in Nigeria's oil sector, addressing previous controversies surrounding crude oil sales.