The Federal Government has doubled down on its Naira-for-crude oil initiative, declaring it a permanent fixture in Nigeria’s long-term economic reform strategy — not a temporary fix.
In a statement posted Wednesday via the Federal Ministry of Finance’s official channels, the government emphasized that all domestic crude oil and refined petroleum sales will continue to be conducted in Naira, in a bid to strengthen the local currency and reduce pressure on foreign exchange.
“This initiative is not a stopgap solution,” the ministry said, describing it as a strategic national directive aimed at improving local refining capacity, bolstering energy security, and fostering economic sovereignty.
