Nigeria's administration commits to selling crude oil to Dangote Refinery in Naira, aiming to stabilize fuel prices and reduce USD reliance.

Nigeria's President Bola Tinubu's administration has confirmed its commitment to a policy allowing crude oil sales to Dangote Refinery in Naira, aiming to stabilize fuel prices and reduce reliance on U.S. dollars. The Minister of Finance, Wale Edun, stated that the policy is irreversible and encourages local production. The initiative seeks to enhance economic growth, improve the availability of petroleum products, and support industrial development, while reducing foreign exchange demands by up to 40%.

5 months ago
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