The Federal Government reaffirmed its commitment to the Naira-for-crude policy, viewing it as strategic for economic stability. Launched on October 1, 2024, the policy aimed to boost local supply and cut import costs.
However, NNPCL suspended the initiative on March 10, 2025, after selling all its crude in advance, with plans to resume by 2030.On March 19, Dangote Refinery paused naira-based product sales due to a mismatch with its dollar-denominated crude costs, noting it had sold more in naira than it received in naira crude.
Following a March 20 meeting led by Minister Wale Edun, the Federal Government affirmed the Naira-for-crude policy would continue, with key stakeholders reviewing progress and resolving issues to support implementation.At a March 20 meeting in Abuja, top government and industry officials—including representatives from NUPRC, NMDPRA, CBN, NPA, Afreximbank, and others—reviewed the Naira-for-crude policy’s progress.
Chaired by Minister Wale Edun, the stakeholders reaffirmed full commitment to the initiative, in line with Federal Executive Council directives.The Crude and Refined Product Sales in Naira initiative is a strategic policy aimed at promoting sustainable local refining, strengthening energy security, and reducing dependence on foreign exchange in Nigeria’s petroleum market.While the Committee recognizes that implementation challenges may occur, it emphasized that all issues are being addressed through collaborative efforts among key stakeholders.
The initiative remains active and will continue as long as it serves the national interest and supports economic growth.The meeting reinforced the government’s strong commitment to the initiative, highlighting its long-term potential to drive economic growth, stability, and self-reliance, positioning Nigeria for future success.
