Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, announced that the government will commence the sale of crude oil to the Dangote Refinery and other local refineries in Naira starting from October 1, 2024.
The announcement was made on Monday during the second meeting of the implementation committee on the transition to crude oil sales in Naira, which was established by President Bola Tinubu.
The meeting focused on key initiatives, including the upcoming transition to Naira payments for crude oil, which marks a significant shift in the country’s oil sales strategy. The Ministry of Finance confirmed this development in a statement on its verified X (formerly Twitter) handle, emphasizing the importance of this transition for the Nigerian economy.
The statement also provided updates on the status of the Port Harcourt and Dangote Refineries. While significant production increases are expected from November 2024, the statement did not specify when the Port Harcourt refinery would commence operations.
The Nigerian National Petroleum Company Limited (NNPC) has delayed the operationalization of the Port Harcourt refinery six times since Mele Kyari assumed office as Group Managing Director (GMD) of the state-owned firm.
