The Federal Government has reaffirmed its commitment to the Crude and Refined Product Sales in Naira initiative, declaring it a long-term national policy rather than a temporary measure.
The confirmation came via a post on the official X (formerly Twitter) handle of the Federal Ministry of Finance on Wednesday morning, amid growing public inquiries about the status of the policy.
According to the Ministry, the initiative—first approved by the Federal Executive Council (FEC)—is designed to strengthen Nigeria’s economic sovereignty, enhance domestic refining capacity, and reduce reliance on the U.S. dollar in petroleum transactions.
“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,” the Ministry stated.
The Ministry further noted that key stakeholders had reconvened to reaffirm their support and commitment to the initiative’s successful execution.
To ensure smooth implementation, officials from the Ministry of Finance and the Technical Sub-Committee met on Tuesday to review progress and address challenges.
The meeting was chaired by Wale Edun, Minister of Finance and Chairman of the Implementation Committee. Other participants included:
- Zacch Adedeji, Chairman of FIRS and Chair of the Technical Sub-Committee
- Dapo Segun, CFO of NNPCL
- Coordinator of NNPC Refineries
- Management of NNPC Trading
- Representatives of Dangote Petroleum Refinery and Petrochemicals
- Officials from NUPRC, NMDPRA, CBN, NPA
- A representative of Afreximbank
- Committee Secretary, Hauwa Ibrahim
The Ministry acknowledged that some implementation challenges may arise but assured the public that all concerns are being addressed through coordinated inter-agency efforts.
