Nnpc To Begin Naira Crude Sales To Africa's Richest Man, Aliko Dangote's Refinery On October 1

The Nigerian National Petroleum Corporation (NNPC) is set to commence the sale of crude oil to Africa's richest man, Aliko Dangote's Dangote Oil Refinery, in naira starting from October 1, 2024, according to an announcement made by the Federal Government.

This was announced by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, during a recent meeting of the Implementation Committee. The session aimed to review the progress of critical initiatives, including the transition to naira payments for crude oil.

The finance ministry's official X (formerly Twitter) account highlighted that the meeting focused on assigning roles to various stakeholders. Key agencies involved include the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Central Bank of Nigeria, Nigerian Upstream Petroleum Regulatory Commission and the African Export-Import Bank. Their roles are crucial in ensuring the smooth implementation of the new payment scheme.

"The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, today led the Implementation Committee meeting on the transition to crude oil sales in naira," the post read. "The meeting reviewed progress on key initiatives, including the upcoming commencement of naira payments for crude oil sales to the Dangote Refinery starting Oct. 1, 2024.