The Federal Executive Council has ordered the full enforcement of the previously halted Naira-for-Crude policy involving local refineries.
This was revealed by the Ministry of Finance in a post shared on its official X handle on Wednesday.
The policy’s initial six-month phase—executed by the Federal Government in partnership with the Nigerian National Petroleum Company Limited (NNPCL) and Dangote Petroleum Refinery—ended on March 31, 2025.
Following the expiration and lack of renewal, Dangote Refinery discontinued the sale of refined fuel in exchange for naira.
In the latest communication, authorities clarified that the initiative is not a temporary measure, but a long-term strategy meant to cut Nigeria’s dependence on foreign currency in petroleum-related transactions.
The update followed a crucial stakeholders’ meeting on Tuesday, which was held to evaluate progress and address challenges with the rollout.
The committee emphasized that the Naira-for-Crude policy is a key government directive designed to boost domestic refining, strengthen the nation’s energy independence, and lessen pressure on foreign exchange demand.
The update reaffirmed the government’s unwavering support for the initiative, in line with the FEC’s directive.
Details later.