WEDNESDAY April 9, 2025 |
By thenewsdesk.ng
The Federal Government has reaffirmed 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.
In a statement posted Wednesday, April 9, 2025, morning via its official X (formerly Twitter) handle, the Federal Ministry of Finance 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 reiterate their full support and ongoing commitment to ensuring the successful implementation of the initiative.
The policy, which mandates the transaction of crude oil and refined petroleum products in Naira, is aimed at strengthening the country’s economic sovereignty, enhancing local refining capacity, and stabilizing the foreign exchange market by reducing the demand for dollars in domestic petroleum transactions.
The Ministry explained that this policy is structured to foster energy security and encourage investment in domestic 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 statement reads.
