Naira-for-crude deal with Dangote to continue — FG

The Federal Government has reiterated its commitment to the ongoing policy of conducting crude oil and refined product sales in Naira, declaring that the initiative remains a standing national policy with no set end date.

The Federal Ministry of Finance in a statement on Wednesday, clarified that the policy is not a temporary measure but a long-term strategic directive aimed at strengthening Nigeria’s economy.

According to the Ministry, stakeholders have reconvened to reaffirm their full support and ongoing commitment to ensuring the successful implementation of the initiative

The ministry said: “The Crude and Refined Product Sales in Naira initiative is not a temporary or time-bound intervention but a key policy directive designed to support sustainable local refining, bolster energy security, and reduce reliance on foreign exchange in the domestic petroleum market.

“As with any major policy shift, the Committee acknowledges that implementation challenges may arise from time to time. However, such issues are being actively addressed through coordinated efforts among all parties.”