The Federal Executive Council (FEC) has directed the full implementation of the suspended Naira-for-Crude agreement involving local refiners.
The Naira-for-Crude deal, which includes the Federal Government, the Nigerian National Petroleum Company Limited (NNPC), Dangote Petroleum Refinery, and other indigenous refining companies, officially ended on March 31, 2025.
Following the expiration and non-renewal of the agreement, several local refiners, including Dangote Refinery, halted the sale of refined petroleum products in naira.
The deal was originally introduced as part of a long-term strategy to reduce Nigeria’s reliance on foreign exchange for petroleum transactions and promote domestic currency use in the energy market.
However, in a statement shared on its official X handle on Wednesday and titled “Update on the Crude and Refined Product Sales in Naira Initiative,” the Ministry of Finance clarified that the Naira-for-Crude initiative is not a temporary measure.
The clarification followed a key meeting held on Tuesday to review progress and address ongoing implementation challenges under the initiative.
The Ministry emphasized that the programme is a strategic policy directive designed to promote sustainable local refining and enhance national energy security.
The statement read: “The Technical Sub-Committee on the Crude and Refined Product Sales in Naira Initiative convened an update meeting on Tuesday to review progress and address ongoing implementation matters.
“The stakeholders reaffirmed the government’s continued commitment to the full implementation of this strategic initiative, as directed by the Federal Executive Council.
“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.”
