The Federal Executive Council (FEC) has officially directed the continuation of the naira-for-crude oil initiative beyond its initial phase, which concluded on March 31, 2025. This was disclosed on Wednesday by the Ministry of Finance via its official X (formerly Twitter) account under the post titled “Update on the Crude and Refined Product Sales in Naira Initiative.”
The directive emerged from a technical sub-committee meeting on crude and refined product sales in naira. It was attended by key stakeholders, including Finance Minister Wale Edun, FIRS Chairman Zacch Adedeji, and representatives from Dangote Refinery, the CBN, NUPRC, NMDPRA, Nigerian Ports Authority, Afreximbank, and committee secretary Hauwa Ibrahim.
The stakeholders reaffirmed that the initiative is now a permanent policy directive, rather than a temporary measure. It is aimed at strengthening energy security, supporting local refining, and reducing reliance on foreign exchange in Nigeria’s petroleum sector.
Launched on October 1, 2024, the naira-for-crude policy is designed to:
- Ensure steady crude oil supply to local refineries
- Cut down on petroleum product imports
- Save foreign exchange
- Lower pump prices
- Encourage investment in domestic refining infrastructure
While the government acknowledges the initiative’s complex implementation, the Ministry emphasized that any arising challenges are being addressed through coordinated stakeholder efforts.
The Ministry noted: “As with any major policy shift, the Committee acknowledges that implementation challenges may arise from time to time.”
Nevertheless, the policy will remain in force as long as it serves public interest and aligns with national economic objectives, marking a strategic step toward sustainable energy policy and economic self-reliance.
