The Federal Government has confirmed that the Crude and Refined Product Sales in Naira initiative remains a standing national policy, with no end date in sight. This assurance was given in response to increasing inquiries regarding the policy's status, which is designed to serve Nigeria’s broader economic goals.
According to a statement from the Federal Ministry of Finance on Wednesday, the policy is not a temporary measure but a long-term strategic directive that will continue as long as it serves the public interest. The initiative was first approved by the Federal Executive Council (FEC) and is aimed at strengthening Nigeria’s economic sovereignty by reducing the demand for foreign exchange in domestic petroleum transactions. The policy also seeks to stabilize the foreign exchange market and promote local refining capacity.
The Ministry emphasized that the initiative is structured to foster energy security, encourage investment in domestic refining infrastructure, and ensure the sustainability of local refining in Nigeria. “The Crude and Refined Product Sales in Naira initiative is a key policy directive, not a short-term intervention,” the statement read.
While acknowledging that the transition presents some challenges, the government assured that these are being actively addressed. The Ministry also highlighted that a recent review meeting, led by Finance Minister Wale Edun, brought together key stakeholders to assess progress and resolve ongoing issues.
The meeting included representatives from critical sectors such as the Nigerian National Petroleum Corporation (NNPC), Dangote Petroleum Refinery, and other public and private sector players involved in the policy’s implementation. These collaborations reflect the growing confidence in Nigeria’s commitment to local capacity and currency resilience.
In line with the country’s broader economic reform agenda, the policy is expected to reduce reliance on foreign reserves, support local content development, and create a more predictable pricing structure for refined petroleum products. The government remains committed to ensuring that the initiative remains a central pillar of Nigeria’s economic strategy.
