In a major push to strengthen Nigeria’s energy security and lower domestic petroleum prices, the Nigeria Export Processing Zones Authority (NEPZA), the Federal Government’s One-Stop-Shop Committee on Crude Sales in Naira, and the Dangote Refinery have agreed to jointly implement President Bola Tinubu’s directive aimed at streamlining local crude supply.
The agreement was reached during a courtesy visit by the committee to NEPZA’s Managing Director, Dr. Olufemi Ogunyemi, in Abuja on Tuesday. The plan involves the sale of crude oil to local refineries especially the Dangote Refinery in naira, rather than dollars, to stabilize the local currency and improve supply chain efficiency.
According to a statement by NEPZA’s Head of Corporate Communications, Martins Odeh, the three entities will coordinate regulatory and logistical services through a one-stop-shop model to fast-track crude delivery and refine petroleum products domestically.
Ogunyemi expressed optimism about the initiative, highlighting NEPZA’s role in overseeing the Dangote Refinery from construction to operation. He noted that the refinery had already received over 480 crude shipments and was now capable of meeting Nigeria’s demand for petrol, diesel, kerosene, and aviation fuel.
“The mission for energy security is half-achieved because the Dangote Refinery is a Free Trade Zone enterprise that continues to benefit from government incentives,” Ogunyemi said. “Selling crude in naira will reduce the pressure on the naira and enhance economic stability.”
Committee Coordinator Ms. Maureen Ogbonna described the effort as a key presidential intervention to revamp the economy. She confirmed that the initiative was already making progress due to strong political will and stakeholder cooperation.
“We are happy with the exceptional support from Dr. Ogunyemi and his openness in facilitating access to the Dangote Refinery. This collaboration will ensure the success of the naira-for-crude policy,” Ogbonna said.
Also speaking, Dangote Refinery’s General Manager for Engineering and Strategic Services, Akinsanya Mobolaji Mobolarin, reaffirmed the company’s commitment to national development and industrialization, stating that the policy would accelerate economic growth and fuel self-sufficiency.
The Dangote Refinery, located within a NEPZA-supervised Free Zone, is currently Nigeria’s only fully operational refinery and is expected to play a central role in this new economic model.
