The Federal Government has reaffirmed that the Crude and Refined Product Sales in Naira initiative remains a standing national policy and will continue indefinitely, as long as it aligns with public interest and supports Nigeria’s economic goals.
In a statement released via its official X (formerly Twitter) handle, the Federal Ministry of Finance emphasized that the policy is a strategic, long-term directive approved by the Federal Executive Council (FEC)—not a temporary measure.
The initiative mandates that crude oil and refined petroleum transactions be conducted in Naira rather than foreign currencies. It is designed to enhance Nigeria’s economic sovereignty, reduce dollar dependency, strengthen energy security, and support local refining capacity.
According to the Ministry, stakeholders have reiterated their full backing of the policy during a recent review meeting of the Technical Sub-Committee, which addressed implementation progress and challenges.
The meeting was chaired by Finance Minister Wale Edun, who also leads the Implementation Committee. Other key attendees included FIRS Chairman Zacch Adedeji, NNPC Limited executives, representatives from Dangote Refinery, the CBN, NPA, NUPRC, NMDPRA, and Afreximbank.
The Ministry acknowledged that, like all major policy shifts, the initiative faces implementation challenges. However, these are being addressed through coordinated efforts among all involved parties.
“The policy is central to the government’s broader economic reform agenda,” the Ministry stated, adding that it will also help ease pressure on foreign reserves, promote local content, and ensure more stable pricing for refined products in the domestic market.
The presence of high-level stakeholders from across the public and private sectors reflects strong commitment to building a resilient, self-sustaining petroleum sector driven by local currency transactions.
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