Federal government inaugurates technical subcommittee on naira crude oil sales to local refineries

[Press Release] In a significant step towards enhancing Nigeria’s refining capacity to promote economic growth and development in the country, the Federal Government has inaugurated the technical sub-committee to develop the framework for the sale of crude oil to local refineries in Naira.

Minister of Finance and Coordinating Minister of Economy, Wale Edun, while inaugurating the Committee in his office in Abuja today, said the initiative is in line with the presidential directive to revolutionize the energy sector by reducing dependence on crude oil exports and promoting local expertise.

The inauguration took place at the end of a stakeholders meeting where government officials and representatives of local refineries, including Dangote Refinery, gathered to discuss the implementation of this strategic directive.

The committee, which comprises the Permanent Secretary, Federal Ministry of Finance, Mrs. Lydia Shehu Jafiya, the Executive Chairman, Federal Inland Revenue Service (FIRS), Dr. Zacch Adedeji, as well as representatives of the Nigerian National Petroleum Corporation Limited (NNPCL), the Central Bank of Nigeria (CBN), Afrexim Bank and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), has the critical role of crafting a robust model that will ensure the successful implementation of the initiative.

In his speech at the inauguration, His Majesty Edun stressed that this initiative is part of a broader strategy to position Nigeria as a refining hub, which will significantly boost the economy by reducing dependence on crude oil exports and promoting local expertise in the energy sector.

Commending the committee members for their dedication and expected contributions, the minister urged them to work diligently to meet the expectations set by the presidential directive.

He reiterated that the ultimate goal is to transform the Nigerian energy sector into a self-sufficient and globally competitive one.

With the inauguration of the Technical Sub-Committee, under the leadership of His Majesty Edun, Nigeria is poised to witness a sea change in its energy landscape, especially with the committee’s mandate to develop a robust framework for crude oil sales in Naira, paving the way for a self-sustaining and globally competitive energy sector.

As the nation embarks on this strategic path, the ultimate goal of spurring economic growth, reducing poverty, and enhancing refining capacity is within reach.

Therefore, the Committee’s diligent work will be instrumental in unleashing Nigeria’s full potential and its contribution will be instrumental in shaping a brighter future for generations to come.

Signed
Mohammed Manga, FCAI
Director, Information and Public Relations,
August 15, 2024

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