Joseph Bakare
The Federal Government and key industry stakeholders have reaffirmed commitment to the full implementation of the Naira-Crude sale policy as strategic initiative that would continue for as long as it aligns with public interest and supports the national economy.
The Government maintained its position on this after the Technical Sub-Committee on the Crude and Refined Product Sales in Naira initiative meeting in Abuja, chaired by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun.
The sale of crude oil and refined petroleum products in naira to local refineries commenced on October 1, 2024, in a bid to bolster supply, save the country of the much-needed hundreds of millions of dollars in petroleum products imports, and ultimately reduce pump prices.
Om March 10, 2025 the Nigerian National Petroleum Company Limited (NNPCL) halted the initiative until 2030, having reportedly sold all its crude in advance.
In response, on March 19, the Dangote Petroleum Refinery announced a temporary halt on the sale of petroleum products in naira.
The decision to halt sales in naira, the company said, was “necessary to avoid a mismatch between our sales proceeds and our crude oil purchase obligations, which are currently denominated in U.S. dollars.”
It added: “To date, our sales of petroleum products in Naira have exceeded the value of Naira-denominated crude we have received.”
But after a meeting in Abuja on Wednesday of the Technical Sub-Committee headed by Edun, the Federal Government said the initiative would forge ahead after the committee reviewed progress and addressed ongoing implementation matters.
A statement issued by a director in the finance ministry, Mohammed Manga, said the meeting was attended by the Chairman of the Implementation Committee who doubles as the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun; the Chairman of the Technical Sub-Committee and Executive Chairman of the Federal Inland Revenue Service (FIRS), Dr. Zacch Adedeji; the Chief Financial Officer of NNPC Limited, Mr. Dapo Segun; the Coordinator of NNPC Refineries; Management of NNPC Trading; and representatives of Dangote Petroleum Refinery and Petrochemicals.
Also in attendance were senior 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), representative of Afreximbank, as well as the Secretary of the Committee, Hauwa Ibrahim.
The statement captioned, ‘Update on the Crude and Refined Product Sales in Naira Initiative’ read: “The Technical Sub-Committee on the Crude and Refined Product Sales in Naira initiative has today (Wednesday) convened an update meeting held in Abuja with the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, presiding.
“The meeting reviewed progress and addressed ongoing implementation matters.
“The stakeholders reaffirmed the government’s commitment to the full implementation of this strategic initiative, as directed by the Federal Executive Council (FEC).
“It stated that the Crude and Refined Product Sales in Naira initiative is 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 Committee acknowledges that implementation challenges may arise from time to time. However, such issues are being actively addressed through coordinated efforts among all relevant parties.
“The initiative remains in effect and will continue for as long as it aligns with the public interest and supports the national economy.
“The meeting underscored the government’s commitment to the Crude and Refined Product Sales in Naira initiative, a strategic move expected to have a lasting impact on Nigeria’s economy, fostering growth, stability, and self-sufficiency. This bold step positions Nigeria for success in the years to come.”