The Nigeria Export Processing Zones Authority (NEPZA) has partnered with the Presidential One-Stop-Shop Committee on the Sale of Crude in Naira and the Dangote Refinery & Petrochemicals Free Zone Enterprises to implement the Federal Government’s directive on reducing domestic petroleum prices. This collaboration aims to promote energy security through the adoption of a naira-for-crude transaction model.
According to Olufemi Ogunyemi, Managing Director of NEPZA, “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.” The partnership seeks to streamline crude oil sales to local refineries, eliminating dollar dependence for domestic crude purchases.
The Presidential One-Stop-Shop Committee was established to coordinate a one-stop-shop approach, bringing together regulatory, security, and service agencies to ease crude oil sales to indigenous refineries. This move is expected to enhance operational efficiency and economic sustainability.
NEPZA has reaffirmed its commitment to the President’s vision of achieving domestic energy sufficiency. The Authority played a pivotal role in the successful establishment of the Dangote Refinery, now Nigeria’s leading petroleum refining facility
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