The Federal Executive Council (FEC) has given the green light for the full implementation of the previously suspended Naira-for-Crude agreement with local refiners.
The announcement was made via the Ministry of Finance’s official X handle on Wednesday under the heading “Update on the Crude and Refined Product Sales in Naira Initiative.”
The first phase of the six-month agreement between the Federal Government, Nigerian National Petroleum Company Limited (NNPC), and Dangote Petroleum Refinery concluded on March 31, 2025, but it has not been renewed.
As a result, Dangote Refinery has halted the sale of refined petroleum products in naira following the suspension of the deal.
In its latest update, the committee clarified that the Naira-for-Crude initiative is not a temporary measure, but a long-term policy designed to reduce Nigeria’s dependency on foreign currency for petroleum imports.
This decision follows a critical meeting on Tuesday to evaluate progress and address ongoing issues.
The statement further highlighted that the Naira-for-Crude initiative is a key policy aimed at fostering sustainable local refining, bolstering energy security, and reducing the reliance on foreign exchange in the domestic petroleum market.
The Ministry of Finance reaffirmed the government’s commitment to fully implementing the initiative, as directed by the Federal Executive Council.
Advertisement
