The Federal Executive Council has directed the full implementation of the Naira-for-Crude initiative with local refiners, reaffirming the programme as a key policy directive to support sustainable domestic refining. The government clarified that the initiative, previously paused by the Nigerian National Petroleum Company Limited (NNPCL) under former Group Chief Executive Officer Mele Kyari, is not a temporary measure but a strategic long-term solution.
Finance Minister Wale Edun made the announcement during a meeting with representatives of Dangote Refinery on Tuesday, stating that the Naira-for-Crude exchange remains in effect and will continue without further delay. The Ministry of Finance reiterated this position in a statement posted on its official X handle on Wednesday.
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The meeting was convened by the Technical Sub-Committee on the Crude and Refined Product Sales in Naira initiative to review progress and resolve ongoing implementation issues. It was chaired by Edun and attended by top government and industry stakeholders including FIRS Chairman Zacch Adedeji, NNPCL CFO Dapo Segun, and officials from the CBN, NUPRC, NMDPRA, NPA, and Afreximbank.
The policy is expected to ease foreign exchange pressures and enhance the viability of local refineries by enabling crude oil purchases in naira rather than foreign currency.
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