BREAKING: Executive Council Mandates Complete Rollout of the Naira-for-Crude Arrangement
The nation’s top council has formally ordered the full enactment of the previously halted Naira-for-Crude initiative with domestic refining companies.
This decision was announced by the Ministry of Finance on its official social media account, “Update on the Crude and Refined Product Sales in Naira Initiative,” on Wednesday.
It is important to recall that the initial phase of this six-month arrangement, involving the Federal Government, the Nigerian National Petroleum Company Limited, and the Dangote Petroleum Refinery, concluded on March 31, 2025.
Since the agreement was not renewed, the Dangote facility ceased distributing refined petroleum in naira. In a recent communication on Wednesday, an oversight committee clarified that this initiative is not a short-term measure but part of a strategic, long-range effort aimed at reducing Nigeria’s reliance on international currency for its petroleum dealings.
Following a key meeting held on Tuesday to assess the program’s progress and resolve recurring concerns, the update stated that the concerned authorities reiterated their unwavering commitment to executing this strategic directive as instructed by the Executive Council.
The announcement further emphasized that the Naira-for-Crude initiative is designed not as a momentary fix but as a fundamental policy to enhance sustainable local refining, strengthen energy security, and lessen dependency on foreign exchange within the domestic petroleum market.
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BREAKING: Executive Council Mandates Complete Rollout of the Naira-for-Crude Arrangement