Minister of Finance Wale Edun has established a technical subcommittee to oversee the implementation of the presidential directive to sell crude oil to local refineries in naira. This initiative aims to enhance Nigeria’s refining capacity, promote economic growth, and reduce reliance on crude oil exports.
The subcommittee, comprising representatives from key stakeholders, including the NNPCL, CBN, Afrexim Bank, and NUPRC, will develop a framework for naira-based crude sales. This move is expected to transform Nigeria’s energy landscape, making it more self-reliant and globally competitive.
Edun emphasized the significance of this initiative, stating that it is part of a broader strategy to position Nigeria as a refining hub. He urged the committee members to work diligently to meet the expectations set by the presidential directive, which aims to boost economic growth, reduce poverty, and enhance refining capacity.
The establishment of the technical subcommittee marks a crucial step towards achieving these goals, and their contributions will be instrumental in shaping a brighter future for Nigeria’s energy sector.
