NCPC Boss Hails FG’s Policy on Crude Oil Sales in Naira to Local Refineries
POLITICS DIGEST- The Executive Secretary of the Nigerian Christian Pilgrim Commission (NCPC), Bishop Stephen Adegbite, has described the Federal government’s recent directive to the Nigeria National Petroleum Company Limited (NNPCL) to sell crude oil to local Refineries in Naira as a welcome development.
Bishop Adegbite made this known on Thursday in a press statement made available through the Deputy Director and Head of Media and Public Relations of the Commission, Celestine Toruka.
According to Bishop Adegbite, “This directive is a bold move by the government to empower local refineries and stimulate economic growth. By selling crude oil in Naira, we can increase the value of our currency and reduce our dependence on foreign exchange.”
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This order is also expected to create jobs and increase the supply of petroleum products in the country. Bishop Adegbite praised the government for taking this step, saying it is a “clear demonstration of their commitment to the development of the country’s oil and gas sector.
“This policy change is aimed at conserving Foreign Exchange reserves, stimulating local refining activities, and reducing Nigeria’s dependence on imported Petroleum Products.”
The Executive Secretary further outlined the benefits of this policy, which include the conservation of Foreign Exchange; by selling crude oil in Naira, Nigeria can reduce the outflow of dollars and strengthen its local currency.
Similarly, Bishop Adegbite remains optimistic about the benefits of this directive. He believes that the government has taken a “well-thought-out decision” that will ultimately benefit the country. As the implementation of this directive begins, it will be important to monitor its impact on the economy and make adjustments as necessary.
This recent policy that crude oil should be sold to local refineries in Naira has been hailed as a welcome development by industry experts. The move is seen as a significant step towards boosting the country’s economy and reducing its reliance on foreign exchange.
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