The Federal Government has assured that the naira-for-crude oil deal will continue, despite the conclusion of its first phase on March 31, 2025.
This announcement was made following a crucial meeting held by key stakeholders, including Wale Edun, the Minister of Finance, and Zacch Adedeji, Chairman of the committee overseeing the initiative.
The meeting, which took place on Monday, included representatives from the Ministry of Finance, the Nigerian National Petroleum Company (NNPC), the Dangote Petroleum Refinery, and several other key organizations such as the Central Bank of Nigeria (CBN) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
In a statement, the Ministry of Finance emphasized that the initiative was not a temporary measure but a strategic policy designed to enhance local refining, strengthen energy security, and reduce the nation’s dependence on foreign currency for petroleum imports.
The ministry further clarified that while challenges may arise, they are being addressed through coordinated efforts among all involved parties.
The naira-for-crude oil deal, which began on October 1, 2024, allows local refineries to purchase crude oil and refined products in naira.
The government aims to save the country millions in foreign exchange and lower domestic fuel prices.
However, the deal faced a brief halt in March 2025 when the NNPC suspended crude oil sales under the initiative due to previously sold crude oil.
Despite this setback, the government reaffirmed its commitment to ensuring the continued success of the initiative as part of its broader economic objectives.
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