President Bola Tinubu is currently in discussions with key stakeholders in the oil industry, including business magnate Aliko Dangote, regarding the sale of crude oil and refined products in naira. The meeting, which also includes Finance Minister Wale Edun, aims to assess the implementation of a new policy that began on October 1.
As Minister of Petroleum Resources, President Tinubu oversees the country’s petroleum sector. Since the policy’s launch, the Nigerian National Petroleum Corporation (NNPC) is expected to supply approximately 385,000 barrels per day of crude oil to the Dangote Refinery, with payments made in naira. In exchange, the refinery will provide petrol and diesel of equivalent value to the domestic market, also payable in naira.
Additionally, the Dangote Refinery has committed to selling diesel in naira to interested buyers, signaling a shift in the country’s oil transaction framework. These discussions are crucial as Nigeria navigates its economic landscape and seeks to enhance local currency usage in oil transactions.