Nigeria, April 9 -- Despite recent hiccups, the Federal Government says the naira-for-crude oil initiative with Dangote Refinery and other local processors remains firmly in place.

The assurance came after a high-level meeting on Tuesday, where the Technical Sub-Committee on the Crude and Refined Product Sales in Naira Initiative met with key stakeholders to review progress.

In a statement issued on Wednesday April 9 via the Ministry of Finance's X handle, the committee declared the initiative a "strategic policy directive" - not a temporary measure.

According to the statement, the policy is aimed at boosting domestic refining, strengthening energy security, and reducing the country's dependence on foreign exchange for petroleum transa...