The Federal Government has reaffirmed its commitment to the crude and refined product sales in Naira initiative, declaring it a long-term national policy aimed at strengthening economic sovereignty and reducing dependence on foreign exchange in the domestic petroleum sector.
The confirmation came on Wednesday, April 9, via the official handle of the Federal Ministry of Finance on X (formerly Twitter), amid public inquiries about the continuity of the policy. The Ministry emphasized that the directive, which was initially approved by the Federal Executive Council (FEC), is not a temporary or short-term intervention but a strategic, enduring economic measure.
According to the Ministry, the policy mandates that transactions involving crude oil and refined petroleum products within Nigeria be conducted in the local currency, the Naira. It is intended to boost local refining capacity, encourage investment in refining infrastructure, and ease pressure on the foreign exchange market by curbing the demand for dollars in domestic oil trade.
“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 Ministry stated.
It added that while the policy may encounter implementation challenges, ongoing efforts among relevant stakeholders are addressing these issues to ensure smooth execution.
On Tuesday, April 8, top government officials and industry stakeholders convened to review the progress of the initiative and tackle any emerging challenges. Present at the meeting were Minister of Finance and Chairman of the Implementation Committee, Wale Edun; Chairman of the Technical Sub-Committee and Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji; Chief Financial Officer of the Nigerian National Petroleum Company Limited (NNPCL), Dapo Segun; and the Coordinator of NNPC Refineries.
Also in attendance were representatives from NNPC Trading, Dangote Petroleum Refinery and Petrochemicals, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the Central Bank of Nigeria (CBN), the Nigerian Ports Authority (NPA), Afreximbank, and Committee Secretary Hauwa Ibrahim.
The Ministry reiterated the collective commitment of all stakeholders to the success of the initiative, which it described as vital to Nigeria’s energy future and economic resilience.
