NIGERIA’s Minister of Finance and the Coordinating Minister of the Economy, Wale Edun, said the federal government is committed to full implementation of the naira-for-crude as a policy to maximise the benefits of supporting sustainable local refining in the country.

Edun assured of this at a meeting with representatives of the Dangote Refinery on Tuesday, April 8, according to a statement by the ministry on Wednesday, April 9.

He said the minister met with officials of the Dangote Refinery over the suspension of the naira-for-crude initiative by the Nigerian National Petroleum Company Limited (NNPCL).

Edun stressed that the deal with local refineries was not a temporary measure but a key policy directive designed to support sustainable local refining in the country.

He said the Technical Sub-Committee on the Crude and Refined Product Sales in Naira initiative met on Tuesday to review progress and address ongoing implementation matters.

The initiative is still in effect and will continue immediately, he said, overruling the decision of the NNPCL under its former boss, Mele Kyari, that suspended the initiative.

“The stakeholders reaffirmed the government’s continued commitment to the full implementation of this strategic initiative, as directed by the Federal Executive Council (FEC).

“Thus, 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, Edun stated.

He stressed that, as with any major policy shift, the committee acknowledges that implementation challenges may arise from time to time.

He said, however, that such issues were being actively addressed through coordinated efforts among all parties.

“The initiative remains in effect and will continue for as long as it aligns with the public interest and supports national economic objectives,” the minister added.

The NNPCL suspended the naira-for-crude oil swap deal with domestic refiners, including Dangote Refinery, The ICIR reported.

The decision, which has immediate effect, has sparked discussions about its implications for Nigeria’s energy sector and the broader economy, triggering importation and higher fuel costs.

The  ICIR reports that the naira-for-crude arrangement, introduced on October 1, 2024, ended on March 31, 2025.

The meeting Tuesday was attended by Edun, the chairman of the implementation committee; the chairman of the technical sub-committee and chairman of Federal Inland Revenue Service (FIRS), Zacch Adedeji; the chief financial officer of NNPCL, Dapo Segun; coordinator of NNPC refineries; management of NNPC Trading; and representatives of Dangote Petroleum Refinery and Petrochemicals.

Others were senior officials from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the Central Bank of Nigeria (CBN), the Nigerian Ports Authority (NPA), representative of Afreximbank, as well as the Secretary of the Committee, Hauwa Ibrahim.