Lagos — The Federal Government of Nigeria has reiterated its commitment to the crude and refined product sales in Naira initiative, emphasising that the policy is not a short-term measure but a strategic move towards economic stability and energy security.
During a high-level meeting on Tuesday, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, alongside other key stakeholders including representatives from NNPC, Dangote Refinery, FIRS, and CBN, reviewed the progress and addressed implementation hurdles related to the initiative.
The policy aims to enhance local refining capacity, reduce dependence on foreign exchange for petroleum transactions, and improve the resilience of the domestic market. Stakeholders agreed that while challenges in execution are expected, they are being managed through unified inter-agency coordination.
The initiative, approved by the Federal Executive Council, will remain in place as long as it continues to serve the national interest and economic goals.
