The Federal Government has confirmed that its policy mandating the sale of crude oil and refined petroleum products in Naira remains in force and will continue indefinitely as part of a long-term economic strategy.
This assurance was made public via an official statement on the Ministry of Finance’s X (formerly Twitter) handle on Wednesday morning, amid growing speculation regarding the status of the initiative. The Ministry clarified that the policy, approved by the Federal Executive Council (FEC), is not a temporary measure but a permanent directive aimed at reinforcing Nigeria’s economic sovereignty.
According to the Ministry, the initiative is intended to bolster the country’s local refining capacity, reduce reliance on the dollar for domestic oil transactions, and stabilize the foreign exchange market. It is also expected to foster energy security and attract investment into Nigeria’s refining infrastructure.
“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,” the Ministry stated.
To reinforce its commitment to the initiative, the government held a high-level review meeting on Tuesday involving key stakeholders. The meeting was chaired by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, who leads the Implementation Committee. Also in attendance were the Executive Chairman of the Federal Inland Revenue Service (FIRS), Mr. Zacch Adedeji, who heads the Technical Sub-Committee, and other top government and private sector representatives.
The review session brought together executives from the Nigerian National Petroleum Company (NNPC) Limited, Dangote Petroleum Refinery and Petrochemicals, regulatory agencies such as the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), and officials from the Central Bank of Nigeria (CBN) and Nigerian Ports Authority (NPA).
The Ministry acknowledged that the transition to Naira-based oil transactions comes with its challenges but assured Nigerians that these issues are being addressed through coordinated efforts among relevant agencies and stakeholders.
The policy, a core part of the government’s economic reform plan, is anticipated to reduce pressure on Nigeria’s foreign reserves, promote local content, and provide a more stable pricing framework for petroleum products in the domestic market.
Analysts say the government’s insistence on continuing the initiative signals a strong shift toward prioritizing local economic resilience and reducing dependence on external currency fluctuations.
