The day of the grand meeting at the State House with President Bola Tinubu and Edun, Chairman of the Committee, was marked by significant actions in favour of the Nigerian economy. The announcement of the sale of crude oil in naira to local refiners was a key moment for the country and its progress towards industrialisation.
Edun spoke with conviction and optimism about this bold initiative, supported by the Federal Executive Council. This strategic decision allows the sale of crude oil in naira to local refiners, who in turn sell the refined products to distributors in naira.
This transition to sale in naira is part of a broader dynamic aimed at fostering industrial development and the modernisation of the Nigerian economy, by providing conducive conditions for private sector investment. Edun stressed that this approach, dictated by the President, is aimed at stimulating job creation and economic growth.
The opening of the petroleum products market to free pricing has enabled NNPC to strengthen its balance sheet, thereby providing federal, state and local governments with greater flexibility to meet their budgetary obligations. This translates into regular salary payments, enhanced social services for the population and increased development of key infrastructure.
The implementation of this initiative has required close collaboration with various stakeholders, including AfreximBank which acts as an intermediary to facilitate transactions. The Dangote Group’s crucial investment in a large-capacity local refinery has been a key enabler of this innovative move.
Alhaji Aliko Dangote highlights the positive impact of this initiative on the recovery of key sectors such as plastics, cooking gas, aviation and oils, highlighting the potential for future growth with increasing production capacity.
In conclusion, this historic meeting marks a milestone in Nigeria’s economic evolution, paving the way for profound transformation and offering promising prospects for the future.