NACCIMA boss hails Dangote refinery’s Naira-dominated crude oil, vows partnership

By allcitynews.ng

The National President of Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Dele Kelvin Oye has applauded Dangote Refinery’s Commencement of Naira-Denominated Crude Oil Purchases and Petroleum products sales.

The NACCIMA boss, expressed the congratulatory of the Chamber to the Dangote Refinery and the Federal Government of Nigeria on the historic commencement of Naira-denominated crude oil purchases and petroleum products sales.

According to Oye, the move is a landmark development that will represent a significant stride towards strengthening Nigeria’s economic sovereignty and reducing the country’s vulnerability to external shocks.

“We commend President Bola Tinubu and his administration for championing this novel initiative, which holds immense promise for the Nigerian economy. The naira-to-naira arrangement for crude oil purchases and the sale of Premium Motor Spirit (PMS) and diesel back to Nigeria will have far-reaching positive implications for the country’s macroeconomic environment.

“The elimination of the huge foreign exchange demand by oil marketers will significantly ease the pressure on the naira, freeing up foreign exchange for other critical sectors of the economy. This, in turn, will contribute to the stabilization and potential appreciation of the naira, provided that the Central Bank of Nigeria (CBN) continues to deploy prudent monetary policies and the government further reduces deficit budgeting and recurrent expenditure.”

Moreover, he stated that the seamless integration of the Dangote Refinery into the domestic supply chain, with NNPC Ltd. providing crude oil and the refinery supplying equivalent value of PMS and diesel in naira, will enhance the availability and affordability of petroleum products for Nigerian consumers. This development is a testament to the government’s commitment to addressing the longstanding challenge of fuel scarcity and price volatility in the country.

NACCIMA also commended the technical committee and the implementation execution and monitoring committee for their diligent work in fleshing out the modalities for this landmark initiative. We are confident that the one-stop shop to coordinate service provision from all regulatory and security agencies, as well as other stakeholders, will ensure a smooth and efficient implementation process.

“As the Nigerian business community, we are optimistic that this historic achievement will pave the way for further economic diversification, reduced reliance on oil exports, and the overall strengthening of the Nigerian economy. We stand ready to support the government and the Dangote Refinery in the successful implementation of this game-changing initiative.”

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