The Nigerian Government of Nigeria has reaffirmed its commitment to the Naira-for-Crude initiative, stating that the policy is not a temporary measure but a critical part of its strategy to support sustainable local refining. This announcement came following a meeting on Tuesday between government officials and representatives of the Dangote Refinery.
During the meeting, led by Finance Minister Wale Edun, it was made clear that the Naira-for-Crude policy remains in full effect, overriding previous decisions by the Nigerian National Petroleum Corporation Limited (NNPCL) under former CEO Mele Kyari. The initiative, which was introduced to bolster local refining capabilities and reduce reliance on foreign currency, continues to be a key directive of the Federal Executive Council (FEC).
The meeting, which included key stakeholders such as the Chairman of the Federal Inland Revenue Service (FIRS) Zacch Adedeji, the Chief Financial Officer of NNPCL, and senior officials from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Central Bank of Nigeria (CBN), focused on reviewing the progress of the initiative and addressing any implementation challenges.
The Ministry of Finance emphasized that the Naira-for-Crude initiative is designed to strengthen Nigeria’s energy security, reduce the dependency on foreign exchange, and support the growth of the local petroleum market. The initiative, which directs the sale of crude oil to local refineries like Dangote Refinery in Naira, aims to ensure price stability for petroleum products and mitigate the strain on the nation’s foreign reserves.
The government remains steadfast in its support of this policy, seeing it as a long-term solution to Nigeria’s refining challenges and its broader economic goals. The initiative will continue as long as it aligns with the national interest, with all parties committed to its successful implementation.
