FG, Dangote Strike Deal To Cut Down Fuel Prices
The Nigeria Export Processing Zones Authority (NEPZA), the One-Stop-Shop Committee on the Sale of Crude in Naira, and the Dangote Refinery & Petrochemicals Free Zone Enterprises have jointly pledged their commitment to comply with the presidential directive on reducing the domestic prices of petroleum products The Bureau Newspaper reports.
This move aims to boost national energy security and accelerate economic growth by eliminating dollar-based crude sales in local transactions.
The resolution was reached during a courtesy visit by members of the committee to NEPZA’s Managing Director, Dr. Olufemi Ogunyemi, in Abuja, where all stakeholders agreed to align their operations toward executing the new energy policy directive.
Dangote Refinery Called a National Asset
Dr. Ogunyemi expressed confidence in the president’s vision and affirmed NEPZA’s willingness to collaborate closely with the committee to deliver on the reform agenda.
“Interestingly, the Authority supervised the construction of the highly celebrated Dangote Refinery from inception to commissioning, making it a success story for us,” Ogunyemi noted.
He further highlighted that the refinery, which operates under the Free Trade Zone Scheme, has so far received 480 vessels and commenced full operations, producing petrol, diesel, aviation jet fuel, and other petroleum products for both local and export markets.
“The sale of crude in naira will eliminate the local currency’s vulnerability to dollar fluctuations,” he added, reaffirming that NEPZA sees the refinery as a “shining star” in implementing the crude pricing reform.
Stakeholders Align on Vision
The committee’s coordinator, Ms. Maureen Ogbonna, described the initiative as a key intervention of the president to reposition the economy. “It is only a matter of time before we move fully away from billing domestic crude in dollars,” she said.
She also confirmed that the policy is already yielding results, crediting political will and stakeholder cooperation for its early traction.
Dangote Refinery Commits to National Growth
Representing Dangote Refinery, Mr. Akinsanya Mobolarin, the General Manager of Engineering/Strategic Services, reaffirmed Aliko Dangote’s commitment to national development.
“The policy, when fully implemented, will drive substantial growth in Nigeria’s energy and industrial sectors. The refinery is fully onboard to support this transition,” he emphasized.
The stakeholders unanimously pledged to maintain synergy in executing the presidential directive and achieving sustainable energy affordability for all Nigerians.