The Federal Government has reaffirmed its commitment to the Naira-for-crude oil policy, insisting that the initiative remains a permanent component of Nigeria’s broader economic reform agenda.
In a statement shared Wednesday via the official handle of the Federal Ministry of Finance, authorities clarified that the policy, which mandates the sale of crude oil and refined petroleum products in Naira for domestic transactions, is not a temporary measure but a strategic national directive.
The initiative, which has already been approved by the Federal Executive Council, is designed to boost economic stability and strengthen the country’s energy sector.
“This initiative is not a stopgap solution but a strategic move designed to enhance sustainable local refining, reinforce energy security, and reduce the pressure on foreign exchange within the petroleum sector,” the Ministry noted.
“The initiative remains in effect and will continue for as long as it aligns with the public interest and supports national economic objectives,” the ministry said.
The government explained that the policy aims to increase economic sovereignty by curbing the demand for dollars in local petroleum transactions, encouraging investment in domestic refining, and promoting the Naira as a stable currency for energy trade.
“The initiative remains in effect and will continue for as long as it aligns with the public interest and supports national economic objectives,” the ministry said.
A stakeholders’ meeting was held on Tuesday to evaluate the implementation progress and tackle emerging challenges.
Key participants included the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, who chairs the Implementation Committee; the Executive Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, who heads the Technical Sub-Committee; as well as officials from the Nigerian National Petroleum Company Limited, Dangote Petroleum Refinery and Petrochemicals, the Central Bank of Nigeria, Nigerian Ports Authority, and various regulatory agencies.
Committee members acknowledged that challenges are part of any major policy shift but assured that such issues are being addressed through coordinated efforts. “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 Ministry stated.
Government officials emphasized that the policy aligns with Nigeria’s long-term economic objectives, especially in reducing reliance on foreign reserves, encouraging local content development, and creating a more stable pricing structure for petroleum products.
“This policy is a crucial step in reducing the demand for dollars in domestic petroleum transactions while positioning the Naira as a viable currency for energy trade,” the statement added.
The Ministry reiterated that the Naira-for-crude initiative will continue indefinitely, as long as it remains beneficial to national interest and economic goals.
