“Breaking: Wale Edun Reacts After Tinubu’s High-Stakes Meeting with Dangote and Business Leaders”

Babatunji Wusu –

• Meeting Purpose: Assessing progress on crude oil sales in naira to local refineries.
• Leadership: Chaired by Finance Minister Wale Edun, with key industry stakeholders present.
• Dangote Refinery’s Role: Essential for the transition to naira sales.
• Economic Goals: Aimed at reducing foreign exchange dependency and stabilizing the naira.
• Commitment: All stakeholders pledged support to overcome initial challenges and ensure the plan’s success.

President Bola Ahmed Tinubu convened a meeting with the committee responsible for implementing crude oil and refined products sales in local currency. This meeting, held at the State House in Abuja, was led by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, and focused on the progress of using the naira for crude sales to local refineries.

Following the meeting, Edun addressed journalists, stating that the discussions revolved around the President’s directive to transition crude oil sales to local refineries using the naira. This initiative has been made viable by the establishment of the Dangote Refinery, which Edun noted as a crucial element of the plan. He emphasized that this move aligns with President Tinubu’s commitment to reducing Nigeria’s dependence on foreign exchange.

Edun reassured stakeholders, including the Nigerian National Petroleum Company Limited (NNPCL), the Central Bank of Nigeria (CBN), and various regulatory bodies, of their commitment to addressing any initial challenges and ensuring the success of the new approach. The policy aims to stabilize the naira and bolster economic resilience amidst ongoing foreign exchange constraints.

Attendees at the meeting included prominent figures such as Alhaji Aliko Dangote, President of Dangote Group; Mr. Mele Kyari, Group Chief Executive Officer of NNPCL; Dr. Zacch Adedeji, Chairman of the Federal Inland Revenue Service (FIRS); and Mr. Yemi Cardoso, Governor of the Central Bank of Nigeria (CBN). Other key participants included Mallam Farouk Ahmed, Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), and Mr. Gbenga Komolafe, Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).