Business
Edun Explains Shift of Naira Crude Sale to Dangote till Oct 1

The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has declared that the sale of crude oil to Dangote Refinery and other Nigerian refineries in Naira will start on October 1, this year.
Edun said that the shift was to enable the implementation committee set up to work out the modalities for actualising President Bola Tinubu’s directive on the Naira Crude sale.
Edun, during the review meeting of the Committee, yesterday in Abuja, said that the committee, which started meeting last week, consisted of top officials of the Nigerian National Petroleum Company Limited (NNPCL), Central Bank of Nigeria, Federal Inland Revenue Service, and the Permanent Secretary of the Ministry of Finance, Mrs Lydia Jafiya.
Others were representatives of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Nigerian Upstream Petroleum Regulatory Commission and the African Export-Import Bank which was involved in a futures crude oil sale arrangement with the NNPCL
Business
Expectations High For Nigeria’s First Policy Ministerial Quarterly Briefing
In May 2025, President Bola Ahmed Tinubu announced the ‘Nigeria First’ policy, a bold assertion of economic sovereignty to reshape Nigeria’s financial priorities.

*Dr Jumoke Oduwole, the Minister of Industry, Trade, and Investment
The first three months of the Federal Government’s “Nigeria First Policy” directive ended with stakeholders expecting Dr Jumoke Oduwole, the Minister of Industry, Trade, and Investment, to update the business community, especially Nigerian manufacturers on how well the Ministries, Departments, and Agencies (MDAs) have complied with the Patronage of quality made in Nigeria products.
In May 2025, President Bola Ahmed Tinubu announced the ‘Nigeria First’ policy, a bold assertion of economic sovereignty to reshape Nigeria’s financial priorities.
This policy emphasises the promotion of domestic goods and services, particularly within government procurement and public sector activities.Its core objectives are to strengthen Nigeria’s local industries, reduce import dependence, and accelerate industrialisation through import substitution.
Following the enthusiasm surrounding the policy, the Minister stated during an appearance on Channels TV that her ministry would conduct quarterly performance evaluations of all MDAs based on their adherence to the Nigeria First Policy, emphasising the importance of buying made-in-Nigeria goods and services.
She noted that compliance with the policy will now be integrated into performance metrics for the President’s Central Coordinating Delivery Unit.
Oduwole asserted, “This compliance will be continuously monitored. As a major player in the economy, the government must lead by example by boosting local production and decreasing reliance on imports.
“She outlined three main areas where the policy will be implemented: focusing on local procurement, ensuring that all local options are considered before exploring foreign alternatives, and improving regulatory and bureaucratic processes to support local enterprises.
The Minister expressed that her ministry’s performance aligns with the President’s directives, with the overarching goal of fostering both domestic and foreign investment to enhance productivity, trade, and export growth.
Business
CPPE Urges Sustained Support for High-Performing Sectors and Targeted Assistance for Sectors in Recession
The sectors currently in recession include air transport, textiles, and coal mining.

•Dr Jumoke Oduwole, Minister of Industry Trade and Investment
The Centre for the Promotion of Private Enterprise (CPPE) has called for ongoing lending support for high-performing sectors of the economy and targeted intervention for sectors currently in recession.
This appeal follows the recently rebased Gross Domestic Product (GDP) figures released by the National Bureau of Statistics (NBS), now based on a new reference year 2019.
The latest GDP data for Quarter 1 of 2025 reveals the following:- 37 sectors recorded growth, though many experienced a slowdown.- 9 sectors contracted, and 3 sectors are in recession.
The top-performing sectors include:- Financial Services: 15.3%- Oil Refining: 11.51%- Transportation: 14.08%- Information and Communication Technology (ICT): 7.4%- Metal Ores: 25%Conversely, the sectors that contracted are:- Livestock: -16.7%- Fishing: -0.21%- Textiles: -1.63%- Coal Mining: -22.3%- Quarry & Minerals: -21.55%- Plastics and Rubber: -3.2%- Iron & Steel: -0.35%- Air Transport: -0.81%.
The sectors currently in recession include air transport, textiles, and coal mining.
Dr. Muda Yusuf, director and CEO of CPPE, emphasised the importance of enhancing productivity in critical areas such as agriculture, manufacturing, and trade.
He stated, “These sectors are essential for economic inclusion, job creation, self-reliance, economic security, and diversification.
However, their growth rates are currently below expectations: agriculture grew by only 0.7%, and manufacturing by 1.7% in Q1 2025.
These sectors require targeted interventions to unlock their full potential and drive sustainable development.”

The Dangote Petroleum Refinery and Petrochemicals has appointed David Bird, the former head of Oman’s Duqm Refinery, as its new Chief Executive Officer.
A report by S&P global on Friday said, Bird heads the refinery’s petroleum and petrochemicals division in a strategic move to overcome production challenges and advance its next wave of expansion.
Effective from July 2025, the former Shell head of operations at its Balau Pokom refinery stepped in as CEO of the Dangote Group’s fuels and petrochemicals business, which commissioned the world’s largest single-train refinery last year.
The CEO participated at the just concluded Dangote Leadership Development Program Graduation Ceremony.
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