• About Us
  • Contact Us
  • Privacy & Policy
Thursday, October 23, 2025
Umpirenews | Latest News, Politics, Breaking News, Nigeria and African history
Advertisement
  • National
  • Politics
  • Economy
  • Entertainment
  • Sports
  • Editorial
  • Opinion
  • Columns
No Result
View All Result
  • National
  • Politics
  • Economy
  • Entertainment
  • Sports
  • Editorial
  • Opinion
  • Columns
No Result
View All Result
Umpirenews | Latest News, Politics, Breaking News, Nigeria and African history
No Result
View All Result

FG Launches Committee to Unlock Nigeria’s Oil Potential with Naira-Based Deals

Vincent Amadi by Vincent Amadi
August 16, 2024
in Economy
Reading Time: 2 mins read
A A
0
FG Launches Committee to Unlock Nigeria’s Oil Potential with Naira-Based Deals
Share on FacebookShare on TwitterShare on WhatsappShare on EmailShare on Telegram


In an effort to bolster domestic refining capacity and drive economic growth, the Nigerian Minister of Finance, Wale Edun, has recently unveiled a technical sub-committee tasked with overseeing the implementation of the naira-based crude oil sales initiative. The announcement, made by Mohammed Manga, the Director of Information and Public Relations of the Ministry of Finance, emphasized the government’s commitment to fostering Nigeria’s economic development by leveraging its rich oil resources and encouraging domestic refining.

On July 29, the Federal Executive Committee (FEC) approved President Bola Tinubu’s proposal to direct the Nigerian National Petroleum Company Limited (NNPCL) to sell crude oil to Dangote Refinery and other refineries for naira.
The Ministry of Finance said the launch came after a stakeholders meeting that brought together government officials and representatives of local refineries, including Dangote Refinery, to discuss the implementation of the policy.
“The committee, which includes Lydia Jafiya, the permanent secretary of the ministry of finance; Zacch Adedeji, executive chairman of the Federal Inland Revenue Service (FIRS), as well as representatives from the NNPCL, Central Bank of Nigeria (CBN), Afrexim Bank, Nigerian Upstream Petroleum Regulatory Commission (NUPRC), has the critical role of crafting a robust template that will ensure the successful implementation of the initiative,” the statement said.
“With the inauguration of the technical sub-committee, under the leadership of HM Edun, Nigeria is poised to witness a transformative shift in its energy landscape, especially with the task on the committee to craft a robust framework for naira-based crude sales, paving the way for a self-reliant and globally competitive energy sector.


“As the nation embarks on this strategic journey, the ultimate goal of boosting economic growth, reducing poverty, and enhancing refining capacity is within reach.
“Thus, the committee’s diligent work will be instrumental in unlocking Nigeria’s full potential, and their contributions will be pivotal in shaping a brighter future for generations to come.”
Edun, in his remarks, said the effort is part of a broader strategy to position Nigeria as a refining hub, which will significantly boost the economy by reducing dependency on crude oil exports and promoting local expertise in the energy sector.
The minister commended the committee members for their dedication and expected contributions, urging them to work diligently to meet the expectations set out in the presidential directive.
He reiterated that the ultimate goal is to transform Nigeria’s energy sector into “one that is self-reliant and globally competitive”.

Tags: business
Vincent Amadi

Vincent Amadi

Related Posts

Dangote Refinery Boosts Fuel Supply as Petrol Price in Nigeria Rises to ₦955 Per Litre
Economy

Fuel price drops as marketers resume loading at Dangote Refinery

2 days ago
Dangote Refinery Boosts Fuel Supply as Petrol Price in Nigeria Rises to ₦955 Per Litre
Economy

Dangote Refinery Boosts Fuel Supply as Petrol Price in Nigeria Rises to ₦955 Per Litre

1 week ago
Dangote Refinery Begins Distribution of Petrol Nationwide
Economy

We never imported bad fuel – Dangote Refinery

2 weeks ago
Naira Appreciates to N1,465/$ as External Reserves Reserves Jump to $42.4bn
Economy

Naira Appreciates to N1,465/$ as External Reserves Reserves Jump to $42.4bn

3 weeks ago

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

NATIONS NEWS

Supreme Court reserves judgment in PDP’s suit against Rivers emergency rule
National

Supreme Court reserves judgment in PDP’s suit against Rivers emergency rule

22 hours ago
Doctors strike: NARD to review FG’s response
National

Doctors strike: NARD to review FG’s response

22 hours ago
Majority Leader didn’t break my head – Abia Assembly member Akachukwu
National

Majority Leader didn’t break my head – Abia Assembly member Akachukwu

22 hours ago
TCN announces power outages in Abuja, Enugu
National

TCN announces power outages in Abuja, Enugu

22 hours ago
PDP Has No Chance in 2027, Says Former APC Treasurer
National

Forum of APC chairmen want life membership of party’s NEC

22 hours ago
Peter Obi, El-Rufai Granted Waiver Ahead 2027 Election
National

Stop clamping down opposition over alleged coup plot – ADC tells FG

2 days ago

POLITICS

Peter Obi, El-Rufai Granted Waiver Ahead 2027 Election

Stop clamping down opposition over alleged coup plot – ADC tells FG

2 days ago
Some southeast politicians, businessmen prefer Nnamdi Kanu’s continued detention — Iwuanyanwu

Some southeast politicians, businessmen prefer Nnamdi Kanu’s continued detention — Iwuanyanwu

2 days ago
At my level, I can’t secretly defect to APC — Suswam

At my level, I can’t secretly defect to APC — Suswam

3 days ago
Arewa group lambast PDP Spokesperson over disrespectful comments on Ugwuanyi

Arewa group lambast PDP Spokesperson over disrespectful comments on Ugwuanyi

5 days ago
2027: Murray-Bruce defection to APC not surprising – Dele Momodu

2027: Murray-Bruce defection to APC not surprising – Dele Momodu

5 days ago
Breaking News: Former vice president Atiku Abubakar resigns from PDP

Atiku’s greed cause of PDP’s gradual demise

6 days ago

YOUR ECONOMY

Dangote Refinery Boosts Fuel Supply as Petrol Price in Nigeria Rises to ₦955 Per Litre
Economy

Fuel price drops as marketers resume loading at Dangote Refinery

2 days ago
Dangote Refinery Boosts Fuel Supply as Petrol Price in Nigeria Rises to ₦955 Per Litre
Economy

Dangote Refinery Boosts Fuel Supply as Petrol Price in Nigeria Rises to ₦955 Per Litre

1 week ago
Dangote Refinery Begins Distribution of Petrol Nationwide
Economy

We never imported bad fuel – Dangote Refinery

2 weeks ago
Naira Appreciates to N1,465/$ as External Reserves Reserves Jump to $42.4bn
Economy

Naira Appreciates to N1,465/$ as External Reserves Reserves Jump to $42.4bn

3 weeks ago
BREAKING NEWS: PENGASSAN Declares Nationwide Strike.
Economy

BREAKING NEWS: PENGASSAN calls off strike

3 weeks ago
You’re scaring off investors – Senator Karimi warns PENGASSAN over feud with Dangote Refinery
Economy

You’re scaring off investors – Senator Karimi warns PENGASSAN over feud with Dangote Refinery

3 weeks ago

E & P

2026 World Cup qualifying play-offs: We are ready for Nigeria – Gabon coach
Sports

2026 World Cup qualifying play-offs: We are ready for Nigeria – Gabon coach

by Steven Atogi
6 days ago
0

The national team coach of Gabon, Thierry Mouyouma, has said that his team is ready to tackle Nigeria in the...

2026 World Cup playoffs: Super Eagles likely to play Gabon

2026 World Cup playoffs: Super Eagles likely to play Gabon

1 week ago
EPL: They’ll be beaten – Paul Scholes predicts winner in Liverpool vs Man Utd

EPL: They’ll be beaten – Paul Scholes predicts winner in Liverpool vs Man Utd

2 weeks ago
EPL: Amorim should use Mbeumo as striker over Sesko — Owen

EPL: Amorim should use Mbeumo as striker over Sesko — Owen

3 weeks ago
Xavi Hernandez hinted to replace Ruben Amorim at Old Trafford

Xavi Hernandez hinted to replace Ruben Amorim at Old Trafford

3 weeks ago
Dembele wins 2025 Ballon d’Or ahead of Yamal [Full list]

Dembele wins 2025 Ballon d’Or ahead of Yamal [Full list]

4 weeks ago

YOUR THOUGHT & HISTORY

NASS Rubber-Stamp Tinubu: PDP Chieftain Blasts Legislature, Calls Akpabio ‘Unfit’
National

NASS Rubber-Stamp Tinubu: PDP Chieftain Blasts Legislature, Calls Akpabio ‘Unfit’

by Steven Atogi
3 weeks ago
The Union, the Tycoon, and the State: Dangote versus PENGASSAN War, A New Precedent for Nigerian Labour
Opinion

The Union, the Tycoon, and the State: Dangote versus PENGASSAN War, A New Precedent for Nigerian Labour

by Odini Brains
3 weeks ago
HOW MR EAZI, OTEDOLA’S SON-IN-LAW, BUILT AN 18-COUNTRY EMPIRE
Opinion

HOW MR EAZI, OTEDOLA’S SON-IN-LAW, BUILT AN 18-COUNTRY EMPIRE

by Odini Brains
2 months ago
Mr Eazi and Temi Otedola: A Love Story That Traveled Three Continents
National

Mr Eazi and Temi Otedola: A Love Story That Traveled Three Continents

by Odini Brains
2 months ago
The Rise And Fall Of Sports Institute, Isaka
Columns

The Rise And Fall Of Sports Institute, Isaka

by Tammy Opoki
2 months ago

Who we are

Umpirenews | Latest News, Politics, Breaking News, Nigeria and African history

Welcome to Umpire News, your go-to online newspaper dedicated to broadening perspectives and expanding the horizons of our numerous readers. Read more

Browse by Category

  • Columns
  • Economy
  • Editorial
  • Entertainment
  • International
  • National
  • News
  • Opinion
  • Politics
  • Sports
  • Trends

Recent News

Supreme Court reserves judgment in PDP’s suit against Rivers emergency rule

Supreme Court reserves judgment in PDP’s suit against Rivers emergency rule

October 22, 2025
Doctors strike: NARD to review FG’s response

Doctors strike: NARD to review FG’s response

October 22, 2025
  • About Us
  • Contact Us
  • Privacy & Policy

© 2024 Copyright Umpirenews. All rights reserved

No Result
View All Result
  • Home
  • National
  • Economy
  • Politics
  • Sports
  • Entertainment
  • Editorial
  • Opinion
  • Columns

© 2024 Copyright Umpirenews. All rights reserved

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.

🤑Join & Get Our Easter Gifts 🤑

Enter your NAME & Email NOW!!

Be among the 1st 100 lucky WINNERS to win our Amazing GIFTs this Easter Period as you READ our Daily hot NEWs & make meaningful comments and follow us on our social media handles.

Name
Enter your email address