Naira-For-Crude Policy Stands Firm, Says Committee Chair

The Committee Chair has stated that the Naira-For-Crude Policy is still in place amid discontinuation rumours.

Reports alleging the discontinuation of the naira-based crude oil supply policy for domestic refineries are inaccurate, according to the Chairman of the Technical Sub-Committee overseeing the initiative.

The policy, established by the Federal Executive Council, remains in effect, aiming to bolster local refining capacity and stabilize the domestic fuel market.

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Zacch Adedeji, Chairman of the Technical Sub-Committee, clarified that the naira-based domestic sales framework is not under review and continues to be a key component of the government’s energy strategy. “The policy framework enabling the sale of crude oil in naira for domestic refining remains in force,” Adedeji stated, emphasizing the initiative’s positive impact on the economy.

Contrary to reports, local refineries have not been excluded from accessing domestic crude supplies. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) is actively ensuring compliance with the Domestic Crude Oil Obligations provisions of the Petroleum Industry Act, facilitating structured agreements based on availability, demand, and market conditions.

The policy is designed to foster a competitive and efficient pricing environment for domestic crude transactions. The Technical Sub-Committee remains committed to strengthening the implementation of the initiative, focusing on enhancing local refining, reducing foreign exchange exposure, and ensuring a stable domestic fuel supply.

The committee’s statement aims to dispel recent misinformation and reaffirm the government’s dedication to the naira-for-crude policy.