The Federal Government has reaffirmed its commitment to the naira-for-crude oil initiative involving the Dangote Refinery and other domestic refineries, emphasizing that the deal remains a key economic strategy and not a temporary intervention.
This assurance was given in a statement released on Wednesday by the Technical Sub-Committee on the Crude and Refined Product Sales in Naira Initiative, following a stakeholder meeting held on Tuesday.
According to the committee, the initiative—spearheaded by the Nigerian National Petroleum Company Limited (NNPCL)—is a strategic policy directive aimed at supporting sustainable local refining, strengthening energy security, and reducing dependence on foreign exchange in the petroleum market.
“The initiative remains in effect and will continue for as long as it aligns with the public interest and supports national economic objectives,” the committee stated.
The meeting was convened to review the progress of the policy and address challenges facing its implementation. It was attended by top government and industry stakeholders, including the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, who chairs the Implementation Committee; the Executive Chairman of the Federal Inland Revenue Service (FIRS), Mr. Zacch Adedeji, who leads the Technical Sub-Committee; and the Chief Financial Officer of NNPC Limited, Mr. Dapo Segun.
Also present were representatives from Dangote Petroleum Refinery and Petrochemicals, NNPC Trading, NNPC Refineries, 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 the Committee Secretary, Hauwa Ibrahim.
While acknowledging challenges in the rollout of the initiative, the committee assured the public that efforts are ongoing to resolve them. “As with any major policy shift, the Committee acknowledges that implementation challenges may arise. However, such issues are being actively addressed through coordinated efforts among all parties,” the statement added.
This development comes after Dangote Refinery suspended naira-denominated sales of petroleum products on March 19 due to issues in the naira-for-crude arrangement, leading to a spike in petrol prices in recent weeks.
Despite this, the Federal Government insists that the policy remains a strategic tool for economic stabilization and the promotion of self-reliance in the energy sector.
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