Crude-for-Naira Scheme Gets Green Light to Continue After High-Level Meeting

••FG Reaffirms Commitment Despite Earlier Halt by NNPCL and Dangote Refinery.

Abuja, Nigeria – The Federal Government has assured Nigerians that its “Crude-for-Naira” initiative will persist as long as it serves the public interest and bolsters the national economy. This commitment follows a crucial meeting held in Abuja on Wednesday by the Technical Sub-Committee overseeing the scheme, chaired by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun.
The policy, which commenced on October 1, 2024, mandates the sale of crude oil and refined petroleum products in naira to local refineries. It was introduced with the aims of strengthening local supply, saving the nation significant foreign exchange spent on imports, and ultimately lowering pump prices.
However, recent developments had cast doubt on the scheme’s immediate future. On March 10, 2025, the Nigerian National Petroleum Company Limited (NNPCL) announced a halt to the initiative until 2030, citing advance sales of all its crude. This was followed by a temporary suspension of naira-based product sales by the Dangote Petroleum Refinery on March 19, which attributed the decision to a “mismatch” between naira sales proceeds and dollar-denominated crude oil purchase obligations.
Despite these setbacks, Wednesday’s meeting, attended by key stakeholders including the Executive Chairman of the Federal Inland Revenue Service (FIRS), Dr. Zacch Adedeji; the Chief Financial Officer of NNPC Limited, Mr. Dapo Segun; representatives from NNPC Refineries, NNPC Trading, Dangote Petroleum Refinery, and regulatory bodies, reaffirmed the government’s dedication to the initiative.
A statement from the finance ministry emphasized that the Crude and Refined Product Sales in Naira initiative remains a “key policy directive designed to support sustainable local refining, bolster energy security, and reduce reliance on foreign exchange in the domestic petroleum market.”
While acknowledging potential “implementation challenges,” the government assured that these issues are being actively addressed through coordinated efforts among all involved parties. The statement reiterated that “the initiative remains in effect and will continue for as long as it aligns with the public interest and supports the national economy.”
The government underscored its belief that the Crude-for-Naira scheme is a “strategic move expected to have a lasting impact on Nigeria’s economy, fostering growth, stability, and self-sufficiency,” positioning the nation for future economic success.