Finance, CBN Strengthening Partnership to Enhance Nigeria’s Oil and Gas Exports
By Patience Ikpeme
In a bid to enhance Nigeria’s oil and gas exports and address prevailing economic challenges, the Ministry of Finance has reaffirmed its commitment to collaborate closely with the Central Bank of Nigeria (CBN).
This partnership aims to support government’s initiatives geared towards increasing domestic production, diversifying the economy, and fostering growth in the export sector.
The announcement was made by Mr. Wale Edun, the Minister of Finance and Coordinating Minister for the Economy, during a one-day sensitization seminar on Nigerian oil and gas exports held in Kano State.
Represented by Deputy Director of Trade Relations, Idris Giwa, Mr. Edun emphasized the imperative of diversifying exports, noting that the nation can no longer solely rely on oil revenue for foreign exchange earnings.
The seminar served as a vital platform for stakeholders to exchange insights, promote collaboration, and deepen understanding of the evolving regulatory framework for oil and gas exports.
Mr. Edun highlighted the Ministry’s collaborative efforts with the CBN and the Ministry of Mines and Steel Development in developing Mineral Export Guidelines. These guidelines aim to address challenges related to determining mineral export quantity, quality, and value. He assured stakeholders of the Ministry’s commitment to finalizing the document in accordance with government laws and policies.
Furthermore, Mr. Edun emphasized the need to review the Crude Oil and Gas Export Guidelines to streamline the export process, particularly in the gas sector. This review is intended to create a more efficient and sustainable operational environment, fostering self-reliance.
Earlier in the seminar, the Ministry’s Permanent Secretary, Lydia Shehu Jafiya, represented by Deputy Director of Trade Relations II, Rukayatu Abdullahi Ahmed, underscored the vast but underdeveloped natural gas reserves within Nigeria. She highlighted the immense investment opportunities available in the gas sector, especially with favorable government policies in place.
