The Federal Executive Council has officially directed the full implementation of the previously suspended Naira-for-Crude agreement with local oil refiners, signaling a firm commitment to the policy. The Ministry of Finance announced this development on Wednesday via a statement titled “Update on the Crude and Refined Product Sales in Naira Initiative” on its official X handle.
This decision follows the expiration of the initial six-month pilot phase of the deal, which involved the Federal Government, the Nigerian National Petroleum Company Limited (NNPC), and the Dangote Petroleum Refinery, on March 31, 2025. The non-renewal of this initial phase had led to Dangote Refinery halting Naira-based sales of refined petroleum products.
However, a recent update from the Technical Sub-Committee on the initiative, following a key meeting on Tuesday to review progress and address implementation matters, reaffirmed the government’s dedication to the policy. The statement emphasized that the Naira-for-Crude initiative is not a temporary measure but a long-term strategic directive aimed at fostering sustainable local refining, bolstering Nigeria’s energy security, and reducing reliance on foreign exchange within the domestic petroleum market.
