November 1, 2024
FG Taps Afreximbank for Naira-Based Oil Transactions in Economic Shift
Business News

FG Taps Afreximbank for Naira-Based Oil Transactions in Economic Shift

FG Taps Afreximbank for Naira-Based Oil Transactions in Economic Shift

The Federal Government has designated the African Export-Import Bank (Afreximbank) as the intermediary financial institution to manage transactions for the recent policy to sell crude oil and refined petroleum products in naira. This policy was introduced by President Bola Tinubu in an effort to enhance local economic stability.

Announcing the decision, Mr. Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, addressed reporters at the State House after leading the policy implementation committee to a meeting with President Tinubu. Mr. Edun stated that the meeting aimed to review the progress of this initiative, which was initially approved by the Federal Executive Council. The policy mandates the sale of crude to local refiners, who will then offer the products to Nigerian consumers in naira.

Mr. Edun further highlighted that this approach has facilitated the market-based pricing of foreign exchange and set the foundation for greater industrialisation within the Nigerian economy.

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