The Federal Government has confirmed that Nigeria will continue selling crude oil and refined petroleum products in Naira.
This is now a long-term national policy, not a temporary fix. The goal is to support the country’s economic growth and reduce dependence on the dollar.
The announcement was posted on Wednesday morning by the Ministry of Finance via its official X (formerly Twitter) page. It responded to rising questions from the public about the future of the initiative. The Ministry stressed that the policy is a strategic move backed by the Federal Executive Council.
This policy is designed to build Nigeria’s economic strength. By using the Naira for petroleum transactions, it will lower demand for foreign currency, help local refineries grow, and boost the economy. The government also hopes it will bring more stability to fuel prices in the country.
To track progress and fix any issues, the Technical Sub-Committee met earlier this week. The meeting brought together top players from both the public and private sectors. Attendees included Finance Minister Wale Edun, FIRS Chairman Zacch Adedeji, and key figures from NNPC Limited, Dangote Refinery, the Central Bank, and several regulatory agencies.
The Ministry noted that while challenges are expected, all problems are being handled quickly through teamwork. The aim is to keep refining on track, protect Nigeria’s economy, and ensure local businesses benefit from the change.
The policy fits into a wider reform plan by the government. It encourages local production, protects foreign reserves, and creates a more reliable pricing system for fuel.
This strong backing from both government and private stakeholders shows confidence in the new system. It also highlights Nigeria’s shift towards economic strategies that focus on self-reliance and currency strength.
