The Federal Government of Nigeria has inaugurated a technical subcommittee to implement the directive on selling crude oil to local refineries in naira.
Gatekeepers News reports that the initiative aims to boost Nigeria’s refining capacity, promote economic growth, and reduce reliance on crude oil exports.
According to the Ministry of Finance, the committee will craft a robust template for the successful implementation of the initiative.
The committee comprises representatives from the Ministry of Finance, Federal Inland Revenue Service (FIRS), Nigerian National Petroleum Company (NNPCL) Limited, Central Bank of Nigeria (CBN), Afrexim Bank, and Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
Finance Minister Wale Edun stated that the initiative is part of a broader strategy to position Nigeria as a refining hub, fostering local expertise in the energy sector and transforming the economy.
He urged the committee members to work diligently to meet the expectations set by the presidential directive.
The ultimate goal is to create a self-reliant and globally competitive energy sector, reducing poverty and boosting economic growth.
