The Federal Executive Council has approved the full-scale implementation of the Naira-for-Crude initiative, a strategic policy aimed at reducing Nigeria’s dependency on foreign exchange for domestic petroleum transactions.
Announced on Wednesday through the Ministry of Finance’s official X handle, the decision follows a recent high-level meeting by the Technical Sub-Committee overseeing the policy. The initiative, initially launched as a six-month agreement involving the Federal Government, Nigerian National Petroleum Company Limited (NNPC Ltd.), and Dangote Petroleum Refinery, officially ended on March 31, 2025.
Following the expiration of that initial phase and the temporary halt in naira-based sales by Dangote Refinery, the government has now declared the arrangement a long-term directive rather than a time-limited intervention.
According to the Ministry, the policy seeks to deepen energy security, promote sustainable local refining, and stabilise the naira by curbing the demand for dollars in crude and refined product transactions.
“The Crude and Refined Product Sales in Naira initiative is not a temporary or time-bound intervention but a key policy directive designed to support sustainable local refining, bolster energy security, and reduce reliance on foreign exchange in the domestic petroleum market,” the statement read.
Officials acknowledged that implementing the policy poses logistical and technical challenges, but assured that relevant stakeholders are actively working to address any bottlenecks.
The government reaffirmed that the Naira-for-Crude strategy remains in force and will continue as long as it aligns with national economic priorities.
