The Federal Government has officially reaffirmed that the naira-for-crude oil deal with Dangote Refinery and other local refineries will continue indefinitely, putting to rest speculations about its suspension or limitation in the future.
This significant announcement was made public on Wednesday through a detailed statement issued by the Technical Sub-Committee on the Crude and Refined Product Sales in Naira Initiative, which held a strategic meeting with major industry stakeholders on Tuesday.
The committee made it clear that the initiative is far more than a short-term or stopgap solution. Rather, it is a well-thought-out strategic policy directive that is designed to transform Nigeria’s petroleum sector. The objectives include encouraging sustainable local refining capabilities, strengthening national energy security, and minimizing the country’s reliance on foreign exchange transactions for its domestic petroleum market.
“Thus, the Crude and Refined Product Sales in Naira initiative is not a temporary or time-bound intervention,” the statement emphasized. “It is a key policy directive aimed at supporting sustainable local refining, bolstering energy security, and reducing Nigeria’s reliance on foreign exchange within the petroleum market.”
The committee also acknowledged that while rolling out such a transformative policy, there may be occasional implementation challenges. However, it assured the public that these issues are already being addressed through active collaboration between all the relevant parties involved in the policy's execution.
This re-commitment from the federal government comes just weeks after the Dangote Refinery had briefly suspended sales of petroleum products in naira on March 19, 2025, due to a reported breakdown in the crude-for-naira deal. The temporary halt had contributed to a surge in petrol prices across Nigeria, sparking public concern and renewed debate around the effectiveness and continuity of the agreement.
In response to those concerns, the Ministry of Finance highlighted that during the recent stakeholders’ meeting, all participating parties, including key industry players and top government officials, reaffirmed their full commitment to ensuring the successful and continued implementation of the policy as mandated by the Federal Executive Council (FEC).
Among the prominent figures present at the meeting was the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, who chairs the Implementation Committee. Also in attendance was the Executive Chairman of the Federal Inland Revenue Service (FIRS), Mr. Zacch Adedeji, who leads the Technical Sub-Committee overseeing the initiative.
Other notable participants included Mr. Dapo Segun, the Chief Financial Officer of NNPC Limited; senior representatives from Dangote Petroleum Refinery and Petrochemicals; and high-level delegates from key regulatory and financial institutions such as the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Central Bank of Nigeria (CBN), Nigerian Ports Authority (NPA), and Afreximbank.
The meeting was coordinated by the Secretary of the Implementation Committee, Hauwa Ibrahim, and it concluded with a collective agreement to continue refining the operational frameworks for the initiative to ensure seamless execution moving forward.