The Federal Executive Council (FEC) has ordered the immediate and full implementation of the Naira-for-Crude initiative, reaffirming it as a strategic policy directive to support local refining and reduce foreign exchange dependence.

The initiative, which had been suspended under the previous leadership of the Nigerian National Petroleum Company Limited (NNPCL), is now back in effect, the Ministry of Finance confirmed in a post on its official X handle on Wednesday.

Minister of Finance, Mr. Wale Edun, stated during a meeting with representatives of the Dangote Refinery on Tuesday that the initiative is a key long-term strategy, not a stopgap measure.

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The meeting was convened by the Technical Sub-Committee on Crude and Refined Product Sales in Naira and included Mr. Zacch Adedeji (FIRS Chairman), Dapo Segun (CFO of NNPCL), officials from the NNPC Trading arm, and representatives from several regulatory and financial institutions including the CBN, NUPRC, NMDPRA, NPA, and Afreximbank.

According to the statement, “The stakeholders reaffirmed the government’s continued commitment to full implementation of this strategic initiative, as directed by FEC.”

The Naira-for-Crude policy is intended to enhance energy security, support sustainable local refining, and reduce reliance on foreign exchange in the domestic petroleum market.

The committee acknowledged the possibility of implementation challenges but stressed that coordinated efforts are underway to address any issues.

The initiative, it said, will continue “as long as it aligns with public interest and national economic objectives.”