FEC Adopts Naira-for-Crude Policy, Validates Senator Ned Nwoko’s Bold Economic Vision

ABUJA/Nigeria: After years of advocacy and policy inertia, the Federal Executive Council (FEC) has finally embraced a landmark shift in Nigeria’s economic direction by adopting the full implementation of the Naira-for-Crude policy. Announced on Wednesday by the Ministry of Finance, the new directive mandates that all local refiners must now pay for crude oil in Naira—ushering in a new era where the Nigerian currency is no longer treated as second-class within its own economy.

This bold move, which puts the Naira at the center of a critical sector, signals a decisive break from years of half-hearted monetary policy. What was once a limited pilot initiative has now become official government policy—an affirmation of a long-held belief by one of its earliest and most vocal advocates, Senator Ned Munir Nwoko of Delta North.

For Senator Nwoko, the policy marks a powerful vindication of years of consistent and often controversial advocacy. From the floor of the National Assembly to media platforms, Nwoko has insisted that Nigeria cannot strengthen its currency without giving it structural relevance in the economy. His proposals have included paying salaries in Naira, banning the use of foreign currencies in local contracts and leases, and most controversially, pushing for Nigeria’s crude to be sold exclusively in Naira.

Many critics once dismissed his ideas as utopian or economically naive, citing global reliance on the U.S. dollar and the perceived volatility of the Naira. But Nwoko remained undeterred, arguing that without systemic demand for the Naira, any talk of national economic sovereignty would be hollow.

“If you rent houses in dollars, pay salaries in pounds, and peg oil to the dollar, how can you expect the Naira to survive?” he frequently asked.

Now, with the FEC’s directive firmly in place, Nwoko’s early warnings and persistent advocacy are being recognized as prescient. The move, analysts say, could be a game-changer for Nigeria’s monetary policy. By compelling refineries like the Dangote Refinery to purchase crude in local currency, the policy will create immediate demand for the Naira—potentially boosting its value and reversing years of depreciation.

More than just a fiscal adjustment, the Naira-for-Crude initiative represents a statement of national economic dignity. Nigeria remains one of the few countries where foreign currencies are routinely preferred even in domestic transactions—a dynamic that has long drawn Senator Nwoko’s ire.

“This is not about rejecting the dollar,” Nwoko often says, “It’s about respecting the Naira.”

As momentum builds behind this policy, the real challenge will now lie in consistent and transparent implementation. Past reforms have often failed at the execution stage, and stakeholders will be watching closely to see if this will be different. But what is no longer in doubt is that the conversation has changed, and the narrative has shifted.

In pushing for a “Naira-first” economy, Senator Nwoko has not only been ahead of the curve—he has helped shape it. His resilience in the face of criticism and his insistence on long-term structural reforms are now being acknowledged at the highest levels of government.

With this move, Nigeria takes a significant step toward restoring confidence in its currency and, perhaps more importantly, in its economic self-worth.