FG Pledges Continuation of Crude-for-Naira Initiative to Support National Economy
The Federal Government has reassured Nigerians that the Crude-for-Naira initiative will continue as long as it aligns with public interest and supports the national economy. The assurance came after a meeting of the Technical Sub-Committee on the Crude and Refined Product Sales in Naira initiative, held in Abuja and chaired by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun.
Launched on October 1, 2024, the initiative was designed to sell crude oil and refined petroleum products in naira to local refineries. Its goal was to strengthen domestic supply, conserve foreign exchange by reducing fuel imports, and lower pump prices for consumers.
However, the programme faced a major setback when the Nigerian National Petroleum Company Limited (NNPCL) announced on March 10, 2025, that it had halted the initiative until 2030, citing the advance sale of all its crude oil. This led to a ripple effect in the local energy market.
In response, the Dangote Petroleum Refinery also announced on March 19 a temporary suspension of petroleum product sales in naira. The company cited a mismatch between its dollar-denominated crude purchase obligations and naira-denominated product sales.
Despite these developments, the federal government has reiterated its commitment to the programme’s objectives and emphasized that any future implementation will be guided by economic realities and the best interests of Nigerians.
