The federal government has officially inaugurated a Technical Sub-Committee tasked with developing a framework for the sale of crude oil to local refineries in Naira.
This strategic move is expected to significantly bolster economic growth and reduce the country’s dependence on crude oil exports.
During the inauguration ceremony held in Abuja, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, highlighted that this initiative aligns with a presidential directive to revolutionize the energy landscape, encouraging local expertise while simultaneously diminishing reliance on external crude oil markets.
The formation of the committee follows a productive stakeholders meeting, where government officials and representatives from local refineries, including the esteemed Dangote Refinery, convened to discuss the implementation of this pivotal directive.
The newly inaugurated committee boasts a diverse membership, including 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 key institutions such as the Nigerian National Petroleum Corporation Limited (NNPCL), Central Bank of Nigeria (CBN), Afrexim Bank, and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). Their collective expertise is crucial in creating a comprehensive framework that ensures the successful execution of this initiative.
In his address, Edun emphasized the importance of this initiative in positioning Nigeria as a refining hub, which he believes will not only enhance the local economy but also promote self-reliance in the energy sector.
He commended the committee members for their commitment and urged them to work diligently to meet the ambitious goals set forth by the presidential directive.
The overarching vision of this initiative is to transform Nigeria’s energy sector into one that is self-sufficient and competitive on a global scale. With the establishment of the Technical Sub-Committee, the nation is on the brink of a significant transition, paving the way for a more resilient and competitive energy landscape.
