Nigeria’s Economy Set for Growth with Crude Sales in Naira to Local Refiners
Minister of Finance, Wale Edun, announces Nigeria’s strategy of selling crude oil in naira to local refineries, boosting private investment and industrialization.
Finance Minister Wale Edun announced Nigeria’s transformative shift to selling crude oil in naira to local refiners, aiming to stimulate industrial growth and modernize the economy. This initiative, fully endorsed by the Federal Executive Council, allows local refiners to buy crude and sell petroleum products in naira. Edun highlighted how this strategy encourages private sector investment and growth in industries from agriculture to petrochemicals.
He credited the initiative’s success to private investments, including Dangote’s refinery, poised to increase Nigeria’s capacity to meet domestic fuel demand and potentially become a leading petroleum exporter.
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