The Federal Executive Council (FEC) has officially reinstated and ordered the full implementation of the Naira-for-Crude oil exchange initiative, signaling a renewed push to prioritize local refining and strengthen Nigeria’s energy independence.
Reversing an earlier suspension under the leadership of former NNPC Group CEO Mele Kyari, the Federal Government made it clear that the program remains a strategic economic directive rather than a short-term fix.
Speaking during a meeting on Tuesday with representatives from Dangote Refinery, Finance Minister Wale Edun emphasized the policy’s continued relevance.
“The naira-for-crude is still in effect,” he confirmed, indicating that the initiative had not been scrapped but temporarily paused and is now back on track.
The Ministry of Finance further reinforced this message via its official X (formerly Twitter) account on Wednesday, stating that the Technical Sub-Committee overseeing the policy had convened to evaluate progress and address challenges in the execution process.
The meeting, chaired by Edun and attended by top government and industry figures, included FIRS Chairman Zacch Adedeji, NNPCL’s Chief Financial Officer Dapo Segun, and key players from regulatory agencies such as NUPRC, NMDPRA, and the Central Bank of Nigeria. Representatives from the Nigerian Ports Authority, Dangote Refinery, and Afreximbank were also present.
According to a joint statement issued after the session, “The stakeholders reaffirmed the government’s continued commitment to the full implementation of this strategic initiative, as directed by the Federal Executive Council (FEC).”
Highlighting the long-term vision behind the move, the statement stressed: “Thus, 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 Committee acknowledged that while rollout hurdles may arise, all involved parties remain dedicated to resolving any challenges collaboratively.
“As with any major policy shift, the Committee acknowledges that implementation challenges may arise from time to time. However, such issues are being actively addressed through coordinated efforts among all parties.”
The government reiterated that the initiative will persist for as long as it aligns with national interests:
“The initiative remains in effect and will continue for as long as it aligns with the public interest and supports national economic objectives.”
This renewed enforcement of the Naira-for-Crude program comes amid broader efforts to strengthen Nigeria’s domestic energy infrastructure and reduce the strain on foreign currency reserves.
