The Nigeria Export Processing Zones Authority, NEPZA, says it is partnering the Federal Government’s One-Stop-Shop Committee on the Sale of Crude in Naira, and the Dangote Refinery and Petrochemicals Free Zone Enterprise to jointly implement President Bola Tinubu’s directive to crash domestic prices of petroleum products.
A statement by NEPZA’s Head of Corporate Communications, Dr. Martins Odeh, said the partnership was cemented during a courtesy visit by members of the Committee to NEPZA’s Managing Director, Dr. Olufemi Ogunyemi, on Tuesday in Abuja.
The Federal Government had inaugurated the committee to create a seamless, coordinated framework that would facilitate the sale of crude oil to local refineries, particularly the Dangote Refinery, using naira instead of foreign currency.
The initiative is aimed at enhancing energy security, reducing cost pressures, and driving economic growth.
Speaking during the visit, Ogunyemi expressed NEPZA’s readiness to work closely with the committee, noting that the Authority supervised the Dangote Refinery project from inception to commissioning, making it a landmark achievement within its Free Trade Zone scheme.
“The mission for energy security is halfway achieved with the Dangote Refinery, which is a registered Free Zone enterprise and beneficiary of the scheme’s incentives. It is now time for the refinery to take the lead in our national energy transformation drive,” he said.
He noted that the refinery, which has already delivered 480 vessels and is capable of processing a wide range of crude types, is steadily ramping up domestic supply of petrol, diesel, kerosene, and aviation fuel, while also preparing for export.
Ogunyemi emphasised that conducting crude sales in naira would help shield the local currency from exchange rate volatility and reduce Nigeria’s reliance on the dollar for domestic transactions.
“The Free Trade Zone scheme remains a critical driver of our economy, and the Dangote Refinery is a shining example of how this policy can be effectively leveraged,” he added.
He described the visit by the committee as timely and strategic, saying it brought together key stakeholders to design a functional roadmap for the successful implementation of the naira-for-crude policy.
Also speaking, the Committee’s Coordinator, Ms. Maureen Ogbonna, said the initiative is a pivotal part of President Tinubu’s economic reform agenda. She affirmed that the committee was already recording progress, thanks to the political will behind the policy and the collaboration of stakeholders.
“We deeply appreciate the warm reception and open-door policy of Dr. Ogunyemi, especially the access granted to the Dangote Refinery—the only functional refinery in the country at present. This partnership will enable the refinery to play a central role in achieving our goal,” she said.
On his part, the General Manager, Engineering and Strategic Services at Dangote Refinery, Engr. Akinsanya Mobolaji Mobolarin, reiterated the commitment of the Group’s founder, Alhaji Aliko Dangote, to national development, industrialisation, and economic advancement.
Mobolarin said the refinery is fully aligned with the policy’s objectives and is ready to support the government’s efforts to ensure energy security and drive inclusive economic growth.
