The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has reiterated the federal government’s commitment to partner with the Central Bank of Nigeria (CBN) in the Crude -Oil and Gas export.
Mr. Edun made the disclosure during a one -Day Sensitization Seminar on the Nigerian Oil and Gas Exports, in Kano, Kano State, according to a statement by the Head Press and Public Relations, Mrs. Helen Chukwu, in Abuja, last night.
The Minister, who was represented by Deputy Director, Trade Relations, Idris Giwa said,” increasing our Gas export as the nation can no longer rely solely on oil revenue for our foreign exchange earnings.”
He hinted that the workshop was a platform to deepen the understanding of the evolving regulatory framework, share best practices, and foster collaboration among stakeholders.
According to him, the Federal Ministry of Finance was in collaboration with the CBN and the Ministry of Mines and Steel Development and have reached an advance stage in developing a distinct Miniral Export Guidelines aimed at complementing the determination of minerals’ quality for export purposes.
The draft Minimal Export Guidelines has been subjected to several reviews, where stakeholders buy- in and endorsements were obtained and incorporated.
He reiterated that the Ministry would continue to work tirelessly to finalize the draft document in line with existing laws and policies of Government for public use”.
According to the Minister, the completion of the Miniral Export Guidelines would necessitate the review of the Crude -Oil and Gas Export Guidelines to streamline the export process in a manner that would accommodate the perculiarity of the sector.
He stressed that the review would trigger a more self- reliant and sustaining environment performance of the Gas sector.
Edun solicited the co-operation of all Stakeholders to play by the rules in order to achieve the much desired efficiency and effectiveness in trading across borders.
Earlier in his welcome address the Permanent Secretary, Federal Ministry of Finance, Mrs. Lydia Shehu Jafiya mni, represented by the Deputy Director, Trade Relations II, Mrs. Rukayatu Abdullahi Ahmed mentioned that,” if the operations in the Crude -Oil sector is properly coordinated and regulated, loopholes, leakages and cases of non- payment of NESS fees due to Government would be plugged, thereby boosting Government revenue base and the challenge of ascertaining the actual quantity, quality, and price competiveness of Gas export would be put to rest.
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