A high level meeting on Nigeria’s Naira-for-Crude policy took place yesterday at the Ministry of Finance in Abuja, where key government officials and industry leaders assessed its progress and reaffirmed their commitment to the initiative.
Attendees included the Minister of Finance, Wale Edun (joining virtually), the Chairman of the Federal Inland Revenue Service, Dr. Zacch Adedeji, officials from the Nigerian National Petroleum Company (NNPC) and representatives from regulatory bodies such as the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). The Dangote Petroleum Refinery and NNPC Trading Ltd were also represented.
During the meeting, NNPC presented a report on crude oil allocations for local refining. NMDPRA provided updates on domestic production at Dangote Refinery, NNPC’s Warri Refinery and Port Harcourt Refinery. NUPRC outlined crude availability for refining to ensure stable supply.
The review comes as NNPC negotiates a renewal of its Naira-for-Crude agreement with Dangote Refinery, ahead of the current deal’s expiration on March 31, 2025. The policy, launched on October 1, 2024, aims to strengthen domestic refining, reduce fuel imports and lower pump prices. Reports indicate that Dangote Refinery receives crude oil worth about ₦486.31 billion under the agreement between October and December 2024.
NNPC clarified on Monday that it has not suspended the policy, countering claims that crude oil sales had been forward-sold until 2030. The company confirmed that since the refinery began operations in 2023, it has received 84 million barrels of crude, including 48 million under the Naira-for-Crude deal.
Chairman of the policy’s technical sub-committee, Zacch Adedeji, reaffirmed the government’s commitment, stating that the policy remains a strategic move to boost Nigeria’s economy.