The Federal Executive Council has approved the immediate reactivation of the suspended Naira-for-Crude initiative with domestic oil refiners.
This was made known in a post shared by the Ministry of Finance on its official X account on Wednesday.
The initial stage of the arrangement—a collaborative effort between the Federal Government, Nigerian National Petroleum Company Limited (NNPCL), and Dangote Petroleum Refinery—ran for six months and concluded on March 31, 2025.
Due to the absence of a renewal, the Dangote Refinery stopped offering refined products in exchange for naira.
According to the latest announcement, the government made it clear that the policy is not a short-lived fix but a strategic long-term move aimed at reducing the country’s reliance on foreign currency for fuel transactions.
The update followed a meeting held on Tuesday by stakeholders to review progress and tackle existing challenges with implementation.
The statement also noted that the Naira-for-Crude initiative is a critical policy designed to encourage consistent local refining, ensure energy stability, and ease pressure on foreign exchange reserves.
The government reiterated its full commitment to driving the implementation forward as directed by the Federal Executive Council.
Further information is expected to be released soon.