The Federal Government has given Nigerians a welcome assurance by confirming that the “naira‑for‑crude” arrangement with domestic refineries will be maintained.
At a recent meeting coordinated by Minister of Finance Wale Edun, officials, including Zacch Adedeji (chairman of the Technical Sub‑Committee) and representatives of the Dangote Refinery, reaffirmed that the policy is not temporary but a core pillar of national energy strategy.
The deal was first launched on October 1, 2024, to allow refineries to buy crude in naira. The aim: support local refining, stabilize domestic fuel supplies, and ease pressure on Nigeria’s foreign exchange market.
Despite reports that NNPCL had suspended the deal or forward‑sold all its crude, the government clarified that no policy decision had been made to end it. Local refineries, including Dangote, remain eligible to receive crude under structured agreements that consider supply, demand, and pricing conditions.
Officials acknowledged challenges in implementation such as mismatches between crude supply and currency terms—but said these issues are being actively addressed.
In short, the government emphasized that the Crude and Refined Product Sales in Naira policy remains in force, and it will continue as long as it aligns with public interest and supports Nigeria’s energy goals.
