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10 March 2025 at 17:56The Port Harcourt refinery is Nigeria’s oldest, built in 1965, nine years after crude was first found under the marshy soil and creeks of the delta, where the Niger river meanders to the Gulf of Guinea. [Getty Images]The Federal Government has reaffirmed that the Naira-for-crude policy remains in place, dismissing recent reports suggesting its suspension.Zacch Adedeji, Chairman of the Technical Sub-Committee on Domestic Crude Sales, clarified that the framework remains a key part of Nigeria’s energy strategy, ensuring local refineries have access to domestic crude supplies.
“These reports do not reflect the realities of the ongoing work under the Federal Executive Council Initiative on Domestic Sales of Crude Oil and Refined Products in Naira,” Adedeji stated.
According to him, the policy is designed to stabilise supply and optimise the country’s refining capacity.
“There has been no decision at the policy level to discontinue this approach, nor is it being considered,” he added.
He further assured that local refineries remain eligible for crude supply under structured agreements that consider availability, demand, and market conditions.
“There is no exclusion of local refineries from access to domestic crude,” Adedeji said, adding that the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) is enforcing compliance with the Petroleum Industry Act.
The initiative, he emphasised, promotes competitive pricing and market efficiency while reducing foreign exchange exposure.
“We remain committed to ensuring the efficient execution of this initiative in line with its core objectives,” he concluded.
The clarification comes amid growing concerns over refinery supply chains, with stakeholders urging transparency in domestic crude allocation.
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