The Federal Executive Council has officially approved the full implementation of the suspended Naira-for-Crude agreement with local refiners.
The Ministry of Finance announced this update on its official X handle under the title “Update on the Crude and Refined Product Sales in Naira Initiative” on Wednesday.
It is important to note that the first phase of the six-month agreement, involving the Federal Government, Nigerian National Petroleum Company Limited, and Dangote Petroleum Refinery, concluded on March 31, 2025.
Since the agreement has not been renewed, the Dangote refinery has halted the sale of refined petroleum products in naira.
In the new update, the committee emphasized that the policy is not a temporary measure but a long-term strategy aimed at reducing Nigeria’s reliance on foreign exchange for petroleum.
This update followed a key meeting held on Tuesday to assess progress and address ongoing issues. The committee further clarified that the initiative is not a short-term intervention but a crucial policy designed to support sustainable local refining and strengthen energy security.
The statement read, “The Technical Sub-Committee on the Crude and Refined Product Sales in Naira initiative convened an update meeting on Tuesday to review progress and address ongoing implementation matters.
“The stakeholders reaffirmed the government’s continued commitment to the full implementation of this strategic initiative, as directed by the Federal Executive Council.
“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.”
