During the inauguration, Edun emphasized that the initiative is part of a broader strategy to position Nigeria as a refining hub, which would significantly boost the economy through decreased reliance on crude oil exports and enhanced local expertise.
He stated, “This initiative is part of a broader strategy to position Nigeria as a refining hub, which will significantly boost the economy by reducing reliance on crude oil exports and fostering local expertise in the energy sector.”
The inauguration took place amid a stakeholders’ meeting where government officials and representatives from local refineries, including the Dangote Refinery, gathered to discuss the implementation of this strategic directive. Edun urged the committee members to work diligently to meet the expectations set by President Bola Tinubu, reiterating that the ultimate goal is to transform Nigeria’s energy sector into one that is self-reliant and globally competitive.
The committee, under Edun’s leadership, includes the Permanent Secretary of the Federal Ministry of Finance, Mrs. Lydia Shehu Jafiya; the Executive Chairman of the Federal Inland Revenue Service (FIRS), Dr. Zacch Adedeji; and representatives from the Nigerian National Petroleum Corporation Limited (NNPCL), Central Bank of Nigeria (CBN), Afrexim Bank, and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
According to Edun, “The committee has the critical role of crafting a robust template that will ensure the successful implementation of the initiative.”
The Finance Ministry’s director of information and public relations, Mohammed Manga, noted that the initiative aims to enhance Nigeria’s refining capacity and promote economic growth. On July 29, the Federal Executive Council (FEC) approved a proposal by President Tinubu directing NNPCL to sell crude oil to Dangote and other refineries in naira. Manga added, “With the inauguration of the technical sub-committee, 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.”
Edun commended the committee members for their dedication and anticipated contributions. He urged them to work diligently to meet the expectations set by the presidential directive, stating, “The ultimate goal is to transform Nigeria’s energy sector into one that is self-reliant and globally competitive.”
The committee’s diligent efforts are expected to play a crucial role in unlocking Nigeria’s full potential, boosting economic growth, reducing poverty, and enhancing refining capacity. Edun expressed confidence that the committee’s work will be pivotal in shaping a brighter future for Nigeria’s energy sector.
