Dollars-for-Crude Policy, Direct Attack On Local Refineries — CEDES

The Centre for Energy Development and Economic Sustainability (CEDES) has condemned the Nigerian National Petroleum Company Limited (NNPCL) over its recent Naira-for-Crude policy, warning that the move was a deliberate attempt to cripple local refineries and sustain Nigeria’s dependence on fuel imports.

In a statement issued in Abuja on Tuesday, March 25, 2025, Executive Director of CEDES, Dr. Umar Sani, accused the NNPCL of working against national interest by prioritising foreign exchange gains over the survival of local refiners.

He noted that the initial Naira-for-Crude arrangement had ensured steady crude supply to Nigerian refineries while helping the government save more foreign exchange and reinvest in critical infrastructure.

“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.

CEDES warned that the NNPCL’s latest move could lead to higher fuel prices, petrol scarcity, worsening inflation, and further hardship for Nigerians.

The Centre called on the federal government to immediately reverse the policy and uphold the Naira-for-Crude system to support local refining and economic stability.