The Federal Government has restated its commitment to continue selling crude oil and refined petroleum products in Naira, affirming the policy as a lasting national strategy aimed at bolstering the economy and protecting Nigeria’s currency from excessive pressure.
This announcement was made on Wednesday via the official X (formerly Twitter) page of the Federal Ministry of Finance. The ministry noted that the policy, which was initially approved by the Federal Executive Council (FEC), is not a temporary move but a carefully planned national directive meant to bring long-term economic benefits.
The statement said that key players in the oil and financial sectors recently met to review the progress of the initiative and to reaffirm their dedication to its success. The ministry said that these stakeholders are fully behind the implementation, which it described as central to improving Nigeria’s refining capacity and reducing the over-reliance on the U.S. dollar in oil transactions.
According to the Ministry, “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.”
The statement also explained that the goal is to support investment in local refining facilities, improve energy security, and ensure that more value is retained within the Nigerian economy.
The meeting, which was held on Tuesday, brought together several top officials. In attendance were the Minister of Finance and Chairman of the Implementation Committee, Wale Edun; Chairman of the Federal Inland Revenue Service (FIRS) and Technical Sub-Committee head, Zacch Adedeji; Chief Financial Officer of NNPC Limited, Dapo Segun; as well as representatives from Dangote Refinery, NNPC Trading, and regulatory bodies such as the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
Also present were senior officials from the Central Bank of Nigeria (CBN), the Nigerian Ports Authority (NPA), and Afreximbank. The Secretary of the Committee, Hauwa Ibrahim, was also in attendance.
