The Technical Sub-Committee on the Crude and Refined Product Sales in Naira initiative convened on Tuesday to review the current status of implementation and address emerging operational matters.
The meeting was chaired by the Honorable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, who also heads the overall Implementation Committee. In attendance were key stakeholders including the Executive Chairman of the Federal Inland Revenue Service (FIRS) and Chair of the Sub-Committee, Mr. Zacch Adedeji; NNPC Limited’s Chief Financial Officer, Mr. Dapo Segun; the Coordinator of NNPC Refineries; senior executives from NNPC Trading; representatives from Dangote Petroleum Refinery and Petrochemicals; and officials from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Central Bank of Nigeria (CBN), Nigerian Ports Authority (NPA), and Afreximbank. The Committee Secretary, Hauwa Ibrahim, was also present.
Stakeholders at the meeting reiterated the Federal Government’s steadfast commitment to the full realization of the Crude and Refined Product Sales in Naira initiative, as mandated by the Federal Executive Council (FEC). They underscored that the initiative is not a temporary fix, but a strategic, long-term policy designed to strengthen domestic refining, enhance national energy security, and reduce dependency on foreign exchange by promoting Naira-based transactions in the petroleum sector.
While acknowledging the complex nature of the implementation process, the Committee assured that any challenges are being addressed through coordinated, cross-agency collaboration and engagement with key industry players.
The initiative remains active and will continue for as long as it aligns with Nigeria’s economic priorities and contributes meaningfully to the country’s industrial and macroeconomic objectives.