Nigeria Reaffirms Commitment to Naira-Based Crude and Refined Product Sales

Abuja, Nigeria – April 9, 2025 – The Nigerian government has reiterated its dedication to the “Crude and Refined Product Sales in Naira” initiative, a strategic policy aimed at strengthening the nation’s energy security and reducing reliance on foreign exchange within the domestic petroleum market.

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A recent update meeting, convened in Abuja and presided over by the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, addressed the initiative’s progress and implementation challenges. The meeting, attended by key stakeholders including the Executive Chairman of the Federal Inland Revenue Service (FIRS), Dr. Zacch Adedeji, and the Chief Financial Officer of NNPC Limited, Mr. Dapo Segun, reaffirmed the Federal Executive Council’s (FEC) directive for full implementation.

The government acknowledged potential implementation hurdles but emphasized that these are being actively resolved through collaborative efforts among all involved parties. The initiative, deemed crucial for supporting sustainable local refining, remains in effect and will continue to serve the public interest and national economy.

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Participants included representatives from Dangote Petroleum Refinery and Petrochemicals, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the Central Bank of Nigeria (CBN), the Nigerian Ports Authority (NPA), Afreximbank, and NNPC entities.

The government underscored the initiative’s potential to drive economic growth, stability, and self-sufficiency, positioning Nigeria for long-term success.

Signed:

Mohammed Manga FCAI

Director, Information and Public Relations