FG Reaffirms Continuation of Naira-for-Crude Policy

The Federal Government has reiterated its commitment to the ongoing Naira-for-Crude initiative involving Dangote and other local refineries.

In a post shared on its official X (formerly Twitter) handle on Wednesday, the Federal Ministry of Finance confirmed that the policy remains in effect.

According to the ministry, stakeholders have restated their support for the full implementation of the initiative, in line with directives from the Federal Executive Council (FEC).

“The Crude and Refined Product Sales in Naira initiative is not a temporary measure,” the ministry stated, “but a strategic policy aimed at promoting local refining, enhancing energy security, and reducing dependence on foreign exchange in the domestic petroleum sector.”

The ministry also acknowledged the possibility of implementation challenges, noting that such issues are being addressed through collaborative efforts among all relevant parties.