The Nigerian government officially commenced its Naira-for-crude sale deal with Dangote Refinery on October 1, 2024, as announced by Finance Minister Wale Edun.
This initiative, part of a directive from the Federal Executive Council (FEC), aims to stabilize fuel prices amid ongoing economic challenges.
Key stakeholders, including representatives from the Ministry of Finance, the Petroleum Ministry, and the Nigerian National Petroleum Company (NNPC), convened on October 3 to review the initial implementation of the deal. The meeting reaffirmed the strategic importance of the initiative for the nation’s economy.
President Bola Ahmed Tinubu had previously directed NNPC to sell crude oil in Naira to Dangote Refinery in July 2024, a move intended to support price stability in the petroleum sector.
Industry experts suggest that this deal could potentially lower fuel pump prices, which currently range between N950 and N1,100 per liter.
Despite the optimistic outlook, uncertainties regarding the deal’s long-term impact remain, as stakeholders continue to monitor its progress closely.
