FG reiterates commitment to Naira crude sales, a long-term strategy to boost energy independence and reduce forex pressure. Discover the details.
The Federal Government has reaffirmed its unwavering commitment to the ongoing implementation of the Crude and Refined Product Sales in Naira initiative, positioning it as a strategic, long-term policy aimed at bolstering Nigeria’s energy independence and easing pressure on the nation’s foreign exchange reserves.
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This assurance was delivered during a high-level update meeting of the Technical Sub-Committee, which convened key government and industry stakeholders to assess progress and address emerging implementation challenges.
The meeting, chaired by Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, and Executive Chairman of the Federal Inland Revenue Service (FIRS), Mr. Zacch Adedeji, saw participation from top officials of NNPC Limited, Dangote Petroleum Refinery and Petrochemicals, NUPRC, NMDPRA, CBN, NPA, Afreximbank, and others.
Stakeholders unanimously agreed that the policy, approved by the Federal Executive Council (FEC), is not a temporary measure but a permanent economic strategy designed to promote local refining, enhance energy security, and anchor the petroleum market in the domestic currency.
“This is a crucial national policy. It’s not a pilot scheme or short-term fix,” Mr. Edun emphasised. “It is central to our broader economic agenda and reflects our resolve to deepen the use of the Naira in critical sectors.”
Acknowledging the operational challenges that have surfaced since the initiative’s rollout, the Committee assured that these are being resolved through collaborative efforts.
“The initiative remains firmly on track,” Mr. Adedeji stated. “The collaborative framework we’ve built ensures that any hurdles are addressed in a timely and strategic manner.”
By denominating crude and refined petroleum transactions in Naira, the government aims to alleviate forex demand, stabilize the local currency, and foster a more resilient domestic energy market.
Officials stressed that the initiative will persist as long as it serves national economic interests and advances self-sufficiency in the energy sector.
This Naira crude sales Nigeria initiative is a central part of the government’s economic strategy.
