Wednesday, July 23, 2025
  • REPORT A STORY
  • PRIVACY
  • CONTACT US
WITHIN NIGERIA - NEWS PICKS
  • HOME
  • FEATURES
  • NEWS PICKS
    • BREAKING
    • National
    • Local News
    • Politics
    • Diaspora
    • Business
    • Education
    • Sports
    • World News
      • Africa
      • U.S
      • Asia
      • Europe
    • XTRA
  • ENTERTAINMENT
  • MORE
    • GIST
    • ARTICLES
    • VIDEOS
No Result
View All Result
WITHIN NIGERIA - NEWS PICKS
No Result
View All Result
  • HOME
  • FEATURES
  • NEWS PICKS
  • ENTERTAINMENT
  • MORE

Nigeria’s Initiative to Sell Crude Oil to Local Refiners Shows Positive Results

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, highlighted that this initiative, championed by Tinubu, has facilitated market pricing of petroleum products and foreign exchange

Promise Eze by Promise Eze
October 29, 2024
in General
Reading Time: 2 mins read
0 0
A A
0
Share on FacebookShare on Twitter
  • He commended the efforts of the implementation committee and various stakeholders, including the Nigerian Midstream and Downstream Petroleum Regulatory Authority

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, announced on Tuesday that Nigeria’s initiative to sell crude oil to local refiners, who in turn sell petroleum products in Naira, is yielding encouraging results.

Speaking at a meeting with President Bola Tinubu, Edun highlighted that this initiative, championed by Tinubu, has facilitated market pricing of petroleum products and foreign exchange, fostering an environment conducive to industrial development.

“This initiative, which was initiated by Mr. President, is made possible also by the courageous and bold investment of the Dangote Group in a local refinery with a capacity of 650,000 barrels per day,” Edun stated.

He commended the efforts of the implementation committee and various stakeholders, including the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Nigerian Upstream Petroleum Regulatory Commission (NUPRC), and the Nigerian National Petroleum Company Limited (NNPC), among others. Edun affirmed that these collaborations are crucial to the successful execution of the initiative, which is currently underway.

READ ALSO

Super Eagles star Maduka Okoye penalized with two-month football ban in Italy

FG Rebases Nigeria’s GDP To ₦205tn

Tinubu orders NDDC to complete abandoned Niger Delta projects

Plateau attack: Bandits ambush, kill over 70 vigilantes in Kanam LGA

The Minister noted that the establishment of market pricing for petroleum products has also enabled the NNPC to enhance its financial position, thereby providing additional funding for the federal government. This funding is essential for fulfilling obligations related to salary payments, social services, and key infrastructure development.

Edun expressed optimism about the future, stating, “We can now see a clear path to industrial development for modernisation of the Nigerian economy, as key prices are aligned to encourage private sector investment.” He acknowledged that while the economy is still in its early stages of industrialisation, significant progress is being made.

The meeting reviewed the initiative’s progress and discussed overcoming initial challenges associated with selling crude oil in Naira to domestic refiners. Edun mentioned that AfreximBank participated in the discussions, playing a vital role as an intermediary to facilitate transactions between crude oil sellers and buyers, regardless of market volatility.

As Nigeria aims to transform its economic landscape through this initiative, the focus remains on sustaining momentum and addressing any challenges that arise during implementation.

POPULAR TODAY

    • All
    • National
    • Local News
    • Politics
    • World News
    • Sports
    • XTRA

    2027: Why Obi, El-Rufai are yet to join our party — ADC

    July 21, 2025

    We’ll withdraw from 2027 polls if Nnamdi Kanu remains in custody — Igbo youth forum

    July 23, 2025

    2027: Peter Obi free to contest without me | he’s aware of my meeting with Abure – Datti Baba-Ahmed

    July 23, 2025

    Why Peter Obi must seek permission from Gov Okpebholo before visiting Edo – Wike

    July 22, 2025

    Discussion about this post

    ADVERTISEMENT
    NEWS PICKS — WITHIN NIGERIA

    WITHIN NIGERIA MEDIA LTD.

    NEWS, MULTI MEDIA

    WITHIN NIGERIA is an online news media that focuses on authoritative reports, investigations and major headlines that springs from National issues, Politics, Metro, Entertainment; and Articles.

    Follow us on social media:

    CORPORATE LINKS

    • About
    • Contacts
    • Report a story
    • Advertisement
    • Content Policy
    • Privacy Policy
    • Terms
     
    • Fact-Checking Policy
    • Ethics Policy
    • Corrections Policy
    • REPORT A STORY
    • PRIVACY
    • CONTACT US

    © 2022 WITHIN NIGERIA MEDIA LTD. designed by WebAndName

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    No Result
    View All Result
    • HOME
    • FEATURES
    • NEWS PICKS
      • BREAKING
      • National
      • Local News
      • Politics
      • Diaspora
      • Business
      • Education
      • Sports
      • World News
        • Africa
        • U.S
        • Asia
        • Europe
      • XTRA
    • ENTERTAINMENT
    • MORE
      • GIST
      • ARTICLES
      • VIDEOS

    © 2022 WITHIN NIGERIA MEDIA LTD. designed by WebAndName