Dangote refinery and other local competitors can now heave a sigh of relief as the Federal government says it will continue with its naira-for-crude policy.
There have been worries in the industry after the buy crude in naira policy, put in place by the President Bola Tinubu administration to ease pressure on foreign exchange expired in March 2025. The Kele Kyari led executive of the Nigeria National Petroleum Company Limited was evasive about what will happen next with regards to an extension. President Tinubu last week removed Kyari and installed a new board of the NNPCL.
In a post on its official X handle on Wednesday, the Ministry of Finance said the Technical Sub-Committee on the Crude and Refined Product Sales in Naira initiative met on Tuesday to review progress and address ongoing implementation matters.
“The stakeholders reaffirmed the government’s continued commitment to the full implementation of this strategic initiative, as directed by the Federal Executive Council (FEC),” the Ministry of Finance said in a statement on Wednesday
“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 read.
The meeting was attended by Edun, the Chairman of the Implementation Committee; the Chairman of the Technical Sub-Committee and Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji; the Chief Financial Officer of NNPCL, Dapo Segun; the Coordinator of NNPC Refineries; Management of NNPC Trading; representatives of Dangote Petroleum Refinery and Petrochemicals.
Others at the meeting include 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.
