… As FEC Directed full Implementation of Naira-For- Crude Initiative With Local Refiners
…Dangote may sell fuel to Nigerians in Naira
Nigerians may now heave a sigh of relief over the uncertainty that has trailed the price of fuel in the country, following the Federal Executive Council’s directive that the suspended Naira-for-Crude agreement initiative should now be fully implemented with local refiners.
According to the Ministry of Finance on its X handle on which a notice has been placed and titled “Update on the Crude and Refined Product Sales in Naira Initiative,” on Wednesday.
In a new update on Wednesday, the committee said the policy is not temporary but a long-term plan to cut Nigeria’s dependence on foreign exchange for petroleum.
This came after a key meeting on Tuesday to review progress and tackle ongoing issues.
It added that initiative is not a temporary or time-bound intervention, but a key policy directive designed to support sustainable local refining, bolster energy security.
The statement read, “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 stakeholders reaffirmed the government’s continued commitment to the full implementation of this strategic initiative, as directed by the Federal Executive Council.
“Thus, 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.”
Recall that the first phase of the six-month deal involving the Federal Government, Nigerian National Petroleum Company Limited, and Dangote Petroleum Refinery ended March 31, 2025.
It has not been renewed and the Dangote refinery has since stopped selling refined petroleum products in naira due to the non-renewal of the naira-for-crude deal.
In a new update on Wednesday, the committee said the policy is not temporary but a long-term plan to cut Nigeria’s dependence on foreign exchange for petroleum.
This came after a key meeting on Tuesday to review progress and tackle ongoing issues.
It added that initiative is not a temporary or time-bound intervention, but a key policy directive designed to support sustainable local refining, bolster energy security.
The statement read, “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 stakeholders reaffirmed the government’s continued commitment to the full implementation of this strategic initiative, as directed by the Federal Executive Council.
“Thus, 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.”
