The Nigerian government has confirmed that the naira-for-crude sale deal involving Dangote Refinery and other local refineries is still in effect, emphasizing its role in supporting economic stability and energy security.
This assurance came from the Technical Sub-Committee on the Crude and Refined Product Sales in Naira Initiative, which issued a statement on Wednesday following a stakeholder meeting held the day before.
The committee clarified that the naira-for-crude agreement is not a short-term measure, but rather a structured policy designed to promote local crude oil refining, strengthen the nation’s energy independence, and reduce reliance on foreign exchange within the petroleum sector.
It reaffirmed that “the initiative remains in effect and will continue for as long as it aligns with the public interest and supports national economic objectives”.
According to a statement posted on the Federal Ministry of Finance’s official X account, “the stakeholders reaffirmed the government’s continued commitment to the full implementation of this strategic initiative, as directed by the Federal Executive Council (FEC).”
The committee further emphasized, “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.”
While acknowledging that the rollout of such a major policy can face initial setbacks, the committee said these challenges are being resolved through a collaborative approach.
“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 statement said.
Tuesday’s meeting was attended by high-level government and industry representatives including the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun; the Chairman of the Technical Sub-Committee and FIRS Executive Chairman, Mr. Zacch Adedeji; NNPC Limited’s Chief Financial Officer, Mr. Dapo Segun; officials from NNPC Trading; and representatives from Dangote Petroleum Refinery and Petrochemicals.
Also present were key officials from 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.
The clarification follows the March 19 decision by Dangote Refinery to suspend the sale of petroleum products in naira due to a stalemate in the naira-for-crude arrangement. The suspension contributed to a spike in petrol prices in the days that followed.