The Federal Government has confirmed that the naira-for-crude oil arrangement involving Dangote Refinery and other local refineries will continue indefinitely.
The announcement came after a meeting of the Technical Sub-Committee on the Crude and Refined Product Sales in Naira Initiative, which held on Tuesday.
In a statement issued on Wednesday, the committee emphasized that the deal is not a temporary measure but a strategic policy direction.
“The initiative remains in effect and will continue for as long as it aligns with the public interest and supports national economic objectives,” the committee stated.
According to the statement shared via the official X account of the Federal Ministry of Finance, the stakeholders reaffirmed their commitment to implementing the initiative in full, in line with the directive of the Federal Executive Council (FEC).
“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,” the statement read.
The committee also acknowledged implementation challenges but assured that these are being resolved through collaborative efforts.
“As with any major policy shift, the Committee acknowledges that implementation challenges may arise from time to time. However, such issues are being actively addressed through coordinated efforts among all parties,” the statement added.
The meeting was attended by key stakeholders including the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, who chairs the Implementation Committee; Chairman of the Technical Sub-Committee and FIRS Executive Chairman, Zacch Adedeji; NNPC Limited’s Chief Financial Officer, Dapo Segun; Coordinator of NNPC Refineries; NNPC Trading management; and representatives from Dangote Petroleum Refinery and Petrochemicals.
Other attendees included officials from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the Central Bank of Nigeria (CBN), the Nigerian Ports Authority (NPA), Afreximbank, and the Secretary of the Committee, Hauwa Ibrahim.
Chronicle NG recalls that on March 19, Dangote Refinery halted the sale of petroleum products in naira due to a deadlock in the naira-for-crude arrangement. This development had caused a spike in petrol prices in the days that followed.
