The federal government reiterated its commitment to the sale of crude oil and fine products in the Naira initiative, declaring it a long-term national policy aimed at strengthening economic sovereignty and reducing reliance on the domestic oil sector on foreign exchange.
The confirmation was formally handled by the Federal Treasury Department on Wednesday, April 9 (formerly Twitter), which is a public inquiry about the continuity of the policy. The Ministry stressed that the directive was originally approved by the Federal Executive Committee (FEC) and is not a temporary or short-term intervention, but a strategic, lasting economic measure.
According to the ministry, the policy requires transactions involving crude oil and refined petroleum products in Nigeria in the local currency Naira. It aims to improve local refining capacity by curbing demand for domestic oil trade, encourage investment in infrastructure and relieve pressure on the forex market.
“The sales of crude oil and fine product in the Naira initiative are not temporary or sometimes interventions but are key policy directives designed to support sustainable local refining, enhance energy security and reduce foreign exchange dependence on domestic oil markets,” the ministry said.
It added that while the policy may face implementation challenges, ongoing efforts among relevant stakeholders are addressing these issues to ensure smooth implementation.
On Tuesday, April 8, senior government officials and industry stakeholders convened to review the progress of the plan and address any emerging challenges. Attendance were Wale Edun, Minister of Finance and Chairman of the Implementation Committee; Chairman of the Zacch Addeji Technical Subcommittee and Chairman of the Federal Inland Tax Services (FIRS); Dapo Segun, Chief Financial Officer of Nigeria National Petroleum Co., Ltd. (NNPCL); and Coordinator of the NNPC Refinery.
Also in attendance were representatives from NNPC Trading, Dangote Petroleum Refinery and Petrochemicals, 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), Afreximbank, and Committee Secretary Hauwa Ibrahim.
The Ministry reaffirms the collective commitment of all stakeholders to the success of the initiative, which is crucial to the energy future and economic resilience in Nigeria.
