The crude oil business and refinery owners forums in Nigeria has recently announced to the general public the intention to kickoff crude oil sales in Nigerian currency.
According to the secretary general of the forum Echie Idoko, in his remarks made this information know to the public during interview on TV Yesterday.
Earlier, President Bola Tinubu, through the Federal Executive Council (FEC), approved the sale of crude oil to the Dangote refinery in naira to facilitate better accessibility and supply to the $19 billion petrochemical plant.
However, Idoko said that despite this announcement, actions must be taken to ensure the new FEC mandate is implemented.
There has to be a guideline as to how we can access. We have to know exactly what quantity is coming to us in Naira. All those details have to be worked out. We know it’s a recent pronouncement, so we will give the government the benefit of the doubt.
“We are hoping that in the coming days, there will be sitting down with us as stakeholders because you can’t shave a man’s head in his absence. We are hoping that our members should be part and parcel of the processes,” the CORAN chairman said.
FEC had earlier approved selling crude oil to the Dangote refinery in Naira to ensure the plant’s supply and reduce pressure on the foreign exchange market.
This approval followed weeks of conflicts between Dangote and the oil and gas regulatory agencies, providing the refinery a way to obtain crude from NNPC using local currency.
The new directive allocates 450,000 barrels of crude for domestic use to be sold to Nigerian refineries in Naira, with Dangote Refinery as the pilot for this initiative.
In addition, the $19 billion refinery will sell its refined products in Naira, ensuring smooth transactions in the mid and downstream sectors.