President Bola Tinubu convened a significant meeting at the Presidential Villa in Abuja, focusing on a strategic economic initiative aimed at bolstering Nigeria's financial stability.
The meeting brought together prominent figures from various sectors, including Aliko Dangote, President of the Dangote Group, and Yemi Cardoso, Governor of the Central Bank of Nigeria (CBN).
The central agenda was the implementation of a policy to sell crude oil and refined products in local currency, a move designed to alleviate the pressure on Nigeria's foreign exchange reserves.
This initiative, spearheaded by Finance Minister Wale Edun, is part of a broader effort by the Tinubu administration to stabilize the national currency and reduce reliance on foreign currency transactions.
Key attendees included Mele Kyari, Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Zacch Adedeji, Chairman of the Federal Inland Revenue Service (FIRS), and other top officials from the petroleum regulatory authorities.
The committee, led by Minister Edun, was tasked with briefing President Tinubu on the progress of this initiative.
President Tinubu had previously directed the NNPCL to commence sales of crude oil to the Dangote Refinery and other local refiners as of July 29.
This directive is seen as a pivotal step in enhancing domestic economic resilience. As one official noted, "This strategy is crucial for reducing our dependency on foreign currency and strengthening our economy."
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