Despite recent hiccups, the Federal Government says the naira-for-crude oil initiative with Dangote Refinery and other local processors remains firmly in place.
The assurance came after a high-level meeting on Tuesday, where the Technical Sub-Committee on the Crude and Refined Product Sales in Naira Initiative met with key stakeholders to review progress.
In a statement issued on Wednesday April 9 via the Ministry of Finance’s X handle, the committee declared the initiative a “strategic policy directive” — not a temporary measure.
According to the statement, the policy is aimed at boosting domestic refining, strengthening energy security, and reducing the country’s dependence on foreign exchange for petroleum transactions.
“The initiative remains in effect and will continue for as long as it aligns with public interest and national economic goals,” the committee reaffirmed.
While acknowledging that challenges have arisen since the policy was rolled out, the committee emphasized that these are being actively addressed through coordinated efforts among all stakeholders.
Tuesday’s meeting was chaired by Finance Minister and Coordinating Minister of the Economy, Wale Edun, and attended by top officials including FIRS Chairman Zacch Adedeji, NNPC CFO Dapo Segun, and representatives from Dangote Refinery, NUPRC, NMDPRA, CBN, NPA, and Afreximbank.
This reaffirmation comes in the wake of Dangote Refinery’s March 19 suspension of naira-denominated product sales, which reportedly contributed to last week’s petrol price hike.
