FG inaugurates technical sub-committee on naira-based crude sales to local refineries

To bolster Nigeria’s refining capacity and promote economic self-sufficiency, the Federal Government has inaugurated a Technical Sub-Committee to develop a framework for selling crude oil to local refineries in Naira. This initiative aims to reduce the country’s dependence on crude oil exports and foster the growth of local expertise within the energy sector.

The committee was inaugurated by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, at his office in Abuja. He emphasized that this effort aligns with a key presidential directive to revolutionize the nation’s energy sector by facilitating more efficient access to crude oil for local refineries while boosting domestic production and refining capacity.

The inauguration followed a stakeholders’ meeting that included government officials and representatives from leading local refineries, such as Dangote Refinery. The discussions focused on implementing this directive and its potential to transform Nigeria’s energy landscape.

The Technical Sub-Committee, chaired by Mr. Edun, includes key industry leaders such as the Permanent Secretary of the Federal Ministry of Finance, Mrs. Lydia Shehu Jafiya; the Executive Chairman of the Federal Inland Revenue Service (FIRS), Dr. Zacch Adedeji; and representatives from the Nigerian National Petroleum Corporation Limited (NNPCL), the Central Bank of Nigeria (CBN), Afrexim Bank, and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). They are tasked with creating a framework for the Naira-based crude sales initiative.

Mr. Edun explained that the initiative is part of a broader strategy to position Nigeria as a regional refining hub, catalyzing economic growth and development. He highlighted that reducing reliance on crude oil exports and enhancing local refinery capacity are crucial for Nigeria’s long-term economic stability and global competitiveness.

The Minister praised the committee members for their commitment and expertise, urging them to meet the high expectations of this presidential mandate. He stressed the goal of creating a self-reliant, sustainable, and globally competitive energy sector.

The establishment of this committee marks a significant step toward transforming Nigeria’s energy sector. The framework for Naira-based crude sales to local refineries is expected to drive economic growth, reduce poverty, and enhance the country’s refining capacity.

As Nigeria embarks on this strategic journey, the success of this initiative will depend on the diligence and foresight of the Technical Sub-Committee, whose work will be crucial in achieving the country’s goals of becoming a refining powerhouse and ensuring a brighter future for all Nigerians.