The federal government has confirmed that the Naira-for-Crude initiative with Dangote and other domestic refineries would continue to be implemented.
The Federal Ministry of Finance confirmed the continuation of the initiative on Wednesday in a post on its X (formerly Twitter) account.
According to the ministry, the stakeholders reaffirmed the government’s continued commitment to the full implementation of this strategic initiative, as directed by the Federal Executive Council (FEC).
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.”
Details soon….