Posted by A Technical Sub-Committee has been established by the Federal Government to establish procedures for the selling of crude oil to local refineries in Nigerian naira.
Mr. Wale Edun, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, inaugurated the committee on Thursday in Abuja. Edun said that the initiative was in line with a presidential directive to revolutionize the energy sector by fostering local expertise and reducing reliance on crude oil exports.
Government officials and representatives of local refineries, including the Dangote Refinery, gathered for a stakeholders meeting during the inauguration to discuss the implementation of this strategic direction.
During his remarks at the opening, Edun emphasized that the project was a part of a larger plan to establish Nigeria as a center for refining. This would help the economy tremendously by expanding local knowledge in the energy industry and decreasing dependence on crude oil exports.
The minister emphasized the importance of the committee’s hard work in meeting President Bola Tinubu’s expectations.
The end goal, he said again, is to make Nigeria’s energy sector independent and competitive on a global scale.
Under Mr. Edun’s leadership, the committee consisted of Mrs. Lydia Shehu Jafiya, the Federal Ministry of Finance’s Permanent Secretary, and Dr. Zacch Adedeji, the Federal Inland Revenue Service’s Executive Chairman.
The committee also included representatives from Afrexim Bank, the Nigerian Upstream Petroleum Regulatory Commission, the Central Bank of Nigeria, and the Nigerian National Petroleum Corporation Limited.