By Adenike Lawal
The Federal Executive Council has directed the complete enforcement of the Naira-for-Crude policy, signaling a decisive step towards reducing Nigeria’s dependence on foreign currency for petroleum transactions.
The Ministry of Finance announced the move on Wednesday via its official X account, confirming the government’s commitment to the “Crude and Refined Product Sales in Naira Initiative.”
This decision follows the expiration of the initial six-month deal between the Federal Government, the Nigerian National Petroleum Company Limited, and Dangote Petroleum Refinery on March 31, 2025.
Since the conclusion of the first phase, Dangote Refinery had halted sales of refined products in naira, pending clarity on the agreement’s future.
With this new directive, the government has cleared any doubts, mandating a full return to the local currency arrangement.
Officials emphasized that this is not a stopgap measure but a cornerstone policy designed to promote sustainable local refining and bolster the country’s energy security.
The policy is expected to shield Nigeria’s economy from the volatility of foreign exchange markets and strengthen the naira.
The Technical Sub-Committee overseeing the initiative met earlier this week to review progress and iron out lingering challenges.
Stakeholders at the meeting reaffirmed their resolve to drive the policy to full implementation as instructed by the council.
According to the Ministry, the initiative marks a strategic shift in Nigeria’s approach to its petroleum market, aiming to secure long-term energy independence and ensure steady support for local refiners.
Further updates are anticipated as the rollout gathers momentum across the sector.
