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Naira-for-crude: CEDES points accusing fingers at NNPC

Emmanuel Ademola by Emmanuel Ademola
March 27, 2025
in Economy, News
Reading Time: 3 mins read
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Naira-for-crude: CEDES points accusing fingers at NNPC
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The Nigerian National Petroleum Company Limited (NNPCL) has come under fire from the Centre for Energy

Development and Economic Sustainability (CEDES) for the controversy surrounding its naira-for-crude policy. The

CEDES warns that the plan would cripple local refineries and continue Nigeria’s reliance on fuel imports.

Dr. Umar Sani, Executive Director of CEDES, charged in a statement released in Abuja on Tuesday, March 25, 2025,

that the NNPCL was acting against the interests of the country by putting foreign exchange profits ahead of the

survival of regional refiners.

The Naira-for-crude agreement, according to Sani, has helped the government save foreign cash and reinvest in vital

infrastructure while guaranteeing a consistent supply of oil to Nigerian refineries.

“It is outrageous that the NNPCL, instead of strengthening local refining, has decided to sabotage it by imposing a

dollars-for-crude system. This policy is designed to choke local refineries, making it impossible for them to access

crude oil at reasonable rates. The ultimate goal is to force Nigeria back into total reliance on fuel imports, which benefits only a corrupt few,” Sani said.

You may also like: NNPCL Approves Petrol Supply from Dangote Refinery

“Under the Naira-for-Crude system, the NNPCL could no longer make its usual bogus claims of petrol imports to

justify billions of dollars in subsidies. The policy ensured transparency, saved the government huge amounts in

foreign exchange, and allowed for reinvestment in developmental infrastructure. But with this new move, we are back

to a system where crude oil is sold in dollars, fuelling corruption and economic instability,” he added.

The current action by the NNPCL, according to CEDES, may result in increased gasoline costs, a shortage of petrol,

growing inflation, and additional hardship for Nigerians.

In order to promote local refining and economic stability, the centre urged the federal government to immediately reverse the policy and maintain the Naira-for-Crude system.

“We demand that the government reinstate the Naira-for-Crude policy and stop this reckless sabotage of local

refineries. The NNPCL must not be allowed to undermine Nigeria’s energy security and economic sovereignty,” Sani stated.

Tags: Naira-for-crudeNNPCL
Emmanuel Ademola

Emmanuel Ademola

Ademola Emmanuel Akadiri is a trained and registered journalist with expertise in political public relations, political branding, media relations, crisis communication, government and media relations. He currently holds a Master's Degree in Mass Communication.

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