From Atiku Sarki, Abuja
The Nigeria Export Processing Zones Authority, the Federal Government’s One-Stop-Shop Committee on Crude Sale in Naira, and Dangote Refinery & Petrochemicals Free Zone Enterprises have agreed to jointly implement the presidential directive aimed at reducing the domestic prices of petroleum products.
This was disclosed in a statement on Tuesday in Abuja by NEPZA’s Head of Corporate Communications, Dr. Martins Odeh, following a courtesy visit by members of the committee to NEPZA’s Managing Director, Dr. Olufemi Ogunyemi.
The one-stop-shop committee was established by the Federal Government to streamline the sale of crude oil to local refineries—particularly the Dangote Refinery—by coordinating the services of regulatory, security, and other relevant agencies.
Ogunyemi said NEPZA was fully committed to supporting the committee’s mandate, noting that the Authority had supervised the construction of the Dangote Refinery from inception to completion.
“Interestingly, the Authority supervised the construction of the highly celebrated world-class Dangote Refinery from the beginning to its inauguration, making it a success story for us,” he said.
He explained that the mission for energy security was already halfway achieved with the Dangote Refinery’s registration as a Free Zone Enterprise, which allows it to benefit from the scheme’s incentives.
“Since the Federal Government has invested heavily in ensuring the refinery’s establishment, the time has come for the facility to lead our drive for energy security,” Ogunyemi said.
The NEPZA boss added that the refinery, which had already received 480 crude oil vessels, was producing various fuel products to meet domestic demand and for export.
He said the move to sell crude in naira would help insulate the local currency from exchange rate pressures associated with dollar-denominated crude transactions.
“Let me reiterate that the Free Trade Zone Scheme remains a key economic driver of our nation, and we are proud that the Dangote Refinery is one of our shining stars that will drive this policy,” he said.
He further described the committee’s visit as timely and strategic.
“This visit brings together key stakeholders and relevant agencies tasked with developing a workable template for implementing the naira-for-crude policy in the national interest,” he added.
Coordinator of the committee, Ms. Maureen Ogbonna, described the initiative as one of President Bola Tinubu’s key economic interventions, expressing optimism about its potential to transform the nation’s crude oil pricing structure.
“It is only a matter of time before Nigeria moves away from billing domestic crude sales in dollars,” she said.
Ogbonna also commended NEPZA’s support and openness in granting the committee access to the Dangote Refinery, which she described as currently the only serviceable refinery in the country.
“This collaboration will undoubtedly empower the Dangote Refinery & Petrochemicals FZE to lead the way,” she said.
Also speaking, the refinery’s General Manager, Engineering and Strategic Services, Engr. Akinsanya Mobolaji Mobolarin, said the company was committed to supporting the country’s industrialisation and energy security agenda.
He said the founder and Chairman of the Dangote Group, Alhaji Aliko Dangote, remained committed to helping Nigeria achieve economic growth through strategic investments.
Mobolarin added that the successful implementation of the naira-for-crude policy would stimulate economic growth and strengthen the naira.
Fuel station
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