BISHOP ADEGBITE APPLAUDS FG’s BOLD MOVE TO SELL CRUDE OIL IN NAIRA 

Bishop Stephen Adegbite, the Executive Secretary of the Nigerian Christian Pilgrim Commission (NCPC) has hailed the Federal Government’s directive for the Nigerian National Petroleum Company Ltd (NNPCL) to sell crude oil to local refineries in Naira.

 

Describing it as a transformative step that will stabilize the economy and boost local refining in the country.

 

Adegbite, while emphasizing the benefit of the policy, said Nigerians can breathe and overcome the economic challenges orchestrated by hikes in fuel prices and commodities.

 

He added that this move will also empower more marketers into the sector as it also reduces reliance on imports, conserves foreign reserves, and spur job creation by fostering investment in local refineries.

By selling crude oil in local currency, Nigeria can significantly lower the pressure on its foreign exchange reserves.

The NCPC boss further urged the government to ensure transparent pricing and effective oversight to maximize the benefits.

This is a strategic move towards energy independence and economic growth.

Adegbite is optimistic effective monitoring will enhance economic independence and long-term stability for Nigeria.

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