FG Orders Full Implementation of Naira-for-Crude Deal

The Federal Executive Council has directed the full implementation of the Naira-for-Crude initiative aimed at strengthening Nigeria’s local refining capacity and reducing reliance on foreign exchange for petroleum products.

The Ministry of Finance disclosed this in a statement titled “Update on the Crude and Refined Product Sales in Naira Initiative,” shared on its X handle on Wednesday, April 9.

This comes just days after the initial six-month phase of the deal between the Federal Government, NNPC Limited, and Dangote Petroleum Refinery ended on March 31 without renewal—prompting the refinery to resume sales in foreign exchange.

In the latest update, the government clarified that the Naira-for-Crude scheme is not a temporary fix but a long-term strategy.

“The stakeholders reaffirmed the government’s continued commitment to the full implementation of this strategic initiative, as directed by the Federal Executive Council,” the statement said.

READ ALSO: Game-Changing Naira-for-Crude Deal Begins, Dangote Refinery Set for 400,000 Barrels Daily

It continued, “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.”

“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 initiative remains in effect and will continue for as long as it aligns with the public interest and supports national economic objectives,” the statement added.

According to the statement, Tuesday’s meeting convened by the Technical Sub-Committee reviewed progress and addressed implementation issues.

The session was attended by the Minister of Finance, Wale Edun; FIRS Chairman, Zacch Adedeji; NNPC officials; representatives from Dangote Refinery; and other major stakeholders in Nigeria’s oil, regulatory, banking, and maritime sectors.

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