Mkpoikana Udoma
Port Harcourt — The Federal Government says it has intensified efforts to strengthen its crude-for-naira policy as a pathway to achieving foreign exchange stability and domestic energy self-sufficiency, with the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, chairing a Steering Committee meeting.
The meeting of the Federal Executive Council’s Steering Committee on Domestic Crude Oil and Refined Products Sales in Naira brought together top officials from the Federal Inland Revenue Service, FIRS, Nigerian National Petroleum Company Limited, NNPCL, Central Bank of Nigeria, CBN, Dangote and NNPCL Refineries, the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, and the Nigerian Ports Authority, NPA.
Speaking at the meeting, Edun said the initiative reflects a major shift in how Nigeria manages its crude oil resources, aimed at “ensuring domestic value retention, shielding the economy from external shocks, and boosting investor confidence.”
He said, “Our goal is clear: to ensure Nigeria can meet its domestic refined product needs without compromising our foreign exchange reserves. This crude-for-naira strategy is a critical component of the President’s economic reform plan and we are committed to seeing it through.”
The meeting underscored the importance of coordination among government agencies and private sector players under the One Stop Shop framework, which was designed to streamline transactions and eliminate bottlenecks in the domestic crude allocation and processing system.
According to officials, the policy will enable local refineries such as Dangote and NNPC’s facilities to receive crude in exchange for naira payments, reducing demand for dollars and supporting the naira while fostering self-sufficiency in fuel production.
“This is not just about forex. It’s about building resilience, strengthening local industry, and giving Nigeria control over its energy future.”
Participants reaffirmed their commitment to accelerating the implementation of the framework, which is seen as a strategic lever to reduce Nigeria’s reliance on petroleum product imports and support macroeconomic stability.
The crude-for-naira scheme, according to Edun, is a key feature of the Tinubu administration’s Renewed Hope Agenda, which places emphasis on domestic capacity building, investment-led growth, and long-term sustainability in the oil and gas value chain.
