The Federal Executive Council (FEC) has ordered the full implementation of the suspended naira-for-crude oil agreement involving local refiners.
This directive was announced by the Ministry of Finance on Wednesday through its official X account in a post titled “Update on the Crude and Refined Product Sales in Naira Initiative.”
The initial phase of the six-month agreement, which included the Federal Government, the Nigerian National Petroleum Company Limited (NNPCL), and Dangote Petroleum Refinery, ended on March 31, 2025.
Since the deal was not renewed, the Dangote refinery has stopped selling refined petroleum products in naira.
However, in its latest update, the committee emphasized that the naira-for-crude initiative is not a short-term solution but a long-term policy aimed at reducing Nigeria’s reliance on foreign exchange in the petroleum sector.
The update followed a high-level meeting held on Tuesday to assess progress and address implementation challenges.
“The Technical Sub-Committee on the Crude and Refined Product Sales in Naira initiative convened an update meeting on Tuesday to review progress and address ongoing implementation matters,” the statement said.
“Stakeholders reaffirmed the government’s commitment to fully implementing this strategic initiative, as directed by the Federal Executive Council.
“The initiative is not a temporary or time-bound intervention, but a key policy directive designed to promote sustainable local refining, enhance energy security, and cut dependence on foreign exchange in the domestic petroleum market.”