The Federal Government has confirmed that the policy of selling Nigerian crude oil to domestic refineries in naira will continue indefinitely. This resolution was reached following a high-level meeting involving a presidential delegation, the Dangote Refinery, the Nigerian National Petroleum Company Limited (NNPC Ltd), and other key stakeholders.
The Ministry of Finance disclosed the outcome of the meeting via its official X handle, stating that the policy—aimed at enhancing energy security and reducing foreign exchange dependency—is a permanent directive with no fixed termination date.
“The Crude and Refined Product Sales in Naira initiative is not a temporary measure but a strategic policy directive to sustain local refining, promote energy self-sufficiency, and minimize FX pressures in the domestic petroleum market,” the ministry announced.
This development comes amid concerns raised by the Dangote Refinery—the largest supplier of petroleum products in Nigeria—over difficulties in securing crude supplies in naira. The refinery had reportedly considered switching to dollar-based transactions, a move that could have triggered petrol price hikes.
The meeting was attended by key figures including the Minister of Finance and Coordinating Minister of the Economy, Wale Edun; Executive Chairman of FIRS, Zacch Adedeji; NNPC Ltd CFO, Dapo Segun; NNPC Refinery Coordinator; representatives from Dangote Petroleum Refinery and Petrochemicals; and senior officials from the NUPRC, NMDPRA, CBN, NPA, Afreximbank, and others.
The ministry emphasized that while minor implementation hurdles may arise, all participating agencies are working collaboratively to resolve such issues. The policy, it said, will remain in force so long as it aligns with national economic goals and public interest.
This initiative traces back to a Federal Executive Council (FEC) directive issued in July 2023 under President Bola Tinubu, mandating NNPC Ltd to supply crude to domestic refineries—like Dangote—in naira. The refineries, in turn, are to sell their refined products locally in the same currency.By October 2023, the government officially launched the naira-based crude and petroleum product sales policy as part of broader economic reforms.
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