The Federal Government has confirmed that the naira-for-crude oil arrangement with Dangote Refinery and other domestic refineries will remain in effect indefinitely.
The deal, facilitated through the Nigerian National Petroleum Company Limited (NNPCL), is part of the Crude and Refined Product Sales in Naira Initiative, which aims to boost local refining, strengthen energy security, and reduce the demand for foreign exchange in the petroleum sector.
This clarification was issued in a statement released on Wednesday by the Technical Sub-Committee on the initiative, following a stakeholder meeting held on Tuesday.
“The Crude and Refined Product Sales in Naira initiative is not a temporary or time-bound intervention,” the committee stated. “It is a strategic policy directive of the Federal Executive Council (FEC) designed to serve long-term national economic interests.”
According to the committee, implementation challenges are being addressed through coordinated efforts among all stakeholders. “As with any major policy shift, challenges are expected, but they are being actively managed,” the statement added.
The meeting, which focused on reviewing the progress of the initiative and addressing ongoing implementation matters, was attended by top government and industry officials. Present were the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun (Chairman of the Implementation Committee); the Executive Chairman of the Federal Inland Revenue Service (FIRS), Mr. Zacch Adedeji (Chairman of the Technical Sub-Committee); and the Chief Financial Officer of NNPC Limited, Mr. Dapo Segun.
Also in attendance were representatives of Dangote Petroleum Refinery and Petrochemicals, NNPC Trading, 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 Committee’s Secretary, Hauwa Ibrahim.
It will be recalled that Dangote Refinery had temporarily suspended naira-based sales of its petroleum products on March 19 due to a breakdown in the agreement, a move that contributed to a rise in petrol prices in the final week of March.
Despite the temporary disruption, the Federal Government has now reaffirmed its commitment to the full implementation of the naira-for-crude policy for as long as it serves the national interest.
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