The Federal Government has reaffirmed its dedication to the Naira-for-crude oil initiative, stating that this plan is a critical and enduring element of Nigeria’s larger economic reform strategy.
In a statement released on Wednesday through the official account of the Federal Ministry of Finance, officials made it clear that the policy, which requires crude oil and refined petroleum products to be sold in Naira for local transactions, is not a temporary fix but a strategic national approach.
This initiative, already sanctioned by the Federal Executive Council, aims to enhance economic stability and fortify the nation’s energy sector.
“This approach is not a short-term solution but a strategic effort aimed at improving sustainable local refining, bolstering energy security, and alleviating the strain on foreign exchange in the petroleum sector,” emphasized the Ministry.
“The initiative will remain in place and continue as long as it serves the public interest and supports national economic goals,” the ministry stated.
The government articulated that the goal of the policy is to enhance economic autonomy by reducing the need for dollars in local petroleum dealings, fostering investment in domestic refining, and promoting the Naira as a reliable currency for energy transactions.
“The initiative will remain in place and continue as long as it serves the public interest and supports national economic goals,” the ministry reiterated.
A stakeholders’ meeting took place on Tuesday to assess the progress of implementation and address any emerging challenges.
Notable attendees included the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, who leads the Implementation Committee; the Executive Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, who leads the Technical Sub-Committee; along with representatives from the Nigerian National Petroleum Company Limited, Dangote Petroleum Refinery and Petrochemicals, the Central Bank of Nigeria, Nigerian Ports Authority, and various regulatory bodies.
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Government representatives underscored that the policy aligns with Nigeria’s long-term economic aspirations, particularly in decreasing dependence on foreign reserves, promoting local content growth, and establishing a more stable pricing framework for petroleum products.
“This initiative is a vital move towards decreasing the demand for dollars in domestic petroleum transactions while establishing the Naira as a feasible currency for energy commerce,” the statement concluded.
The Ministry reiterated that the Naira-for-crude initiative will persist indefinitely, as long as it remains advantageous to national interests and economic objectives.
