ABUJA, Nigeria — The Nigerian federal government has confirmed that the naira-for-crude oil deal will continue, following the conclusion of its first phase on March 31, 2025.
This announcement was made after a meeting between the technical sub-committee on crude and refined product sales in naira, alongside key stakeholders in Nigeria’s oil sector on Wednesday, April 9, 2025.
The meeting, which included Wale Edun, Minister of Finance, Zacch Adedeji, Chairman of the technical sub-committee and Executive Chairman of the Federal Inland Revenue Service (FIRS), as well as representatives from Dangote Petroleum Refinery and Nigerian National Petroleum Company (NNPC) Limited, reaffirmed the government’s commitment to the initiative.
Senior officials from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Central Bank of Nigeria (CBN), Nigerian Ports Authority (NPA), and African Export-Import Bank (Afreximbank) were also present at the meeting.
“The stakeholders reaffirmed the government’s continued commitment to the full implementation of this strategic initiative, as directed by the Federal Executive Council (FEC),” a statement from the Ministry of Finance confirmed.
The government further clarified that the Crude and Refined Product Sales in Naira initiative is not a temporary measure but a long-term policy designed to support local refining, enhance energy security, and reduce Nigeria’s reliance on foreign exchange for its domestic petroleum market.
The ministry acknowledged potential challenges in the implementation of the programme, stating that these issues are being addressed through coordinated efforts among all involved parties.
The initiative, launched on October 1, 2024, aims to improve domestic supply, save the country millions in petroleum product imports, and ultimately reduce pump prices.
However, reports earlier this year had raised concerns about the continuity of the deal.
THE TRENT earlier reported that NNPC had halted the naira-for-crude deal until 2030, as the company had forward-sold all its crude oil.
In response, Dangote Refinery also temporarily paused the sale of petroleum products in naira, citing a mismatch between their sales proceeds and crude oil purchase obligations, which are denominated in U.S. dollars.
Despite these setbacks, the government maintains that the initiative will persist as long as it aligns with the public interest and supports Nigeria’s broader economic goals.
The finance ministry’s statement underlined that the policy shift was intended to boost local refining and reduce the nation’s dependence on foreign currency for its petroleum needs.
