– Nigeria’s Naira-for-Crude Policy Implementation
– Local Refining and Energy Security in Nigeria
– Federal Executive Council’s Economic Strategies
The Nigerian government has reaffirmed its commitment to the Naira-for-Crude policy, directing the full implementation of the initiative to bolster local refining and reduce dependence on foreign exchange. This decision was made during a recent Federal Executive Council (FEC) meeting, where officials emphasized the policy’s role in enhancing energy security and supporting domestic refineries like the Dangote Refinery.
Under this policy, crude oil is sold to local refineries in Naira, aiming to stabilize the downstream sector and lower petrol prices. The government clarified that the initiative is a long-term strategy, not a temporary measure, designed to promote sustainable local refining and reduce reliance on foreign exchange in the domestic petroleum market.
Despite previous uncertainties, the government has assured stakeholders of its continued support for the policy, highlighting its alignment with national economic interests and the goal of achieving energy independence.
