The Nigeria Export Processing Zones Authority, the Federal Government’s One-Stop-Shop Committee on Crude Sales in Naira, and the Dangote Refinery and Petrochemicals Free Zone Enterprise, have agreed to fast-track the implementation of a presidential directive aimed at achieving full energy security through the naira-denominated sale of crude to local refineries.
This agreement was reached during a high-level courtesy visit to the Managing Director of NEPZA, Olufemi Ogunyemi, seeking to streamline regulatory bottlenecks and pave the way for a seamless domestic crude oil transaction regime that prioritises the use of local currency over the dollar.
The latest development comes amid soaring international crude oil prices, fuelled by the recent conflict between Israel and Iran, which has since been temporarily suspended. The geopolitical tension sent global oil markets into a frenzy, pushing up landing costs for imported fuel.
As a direct consequence, pump prices of petrol in Nigeria spiked to record highs, rising to N955 per litre in Abuja and N915 in Lagos.
The tripartite agreement comes at a time when Nigerians are grappling with soaring fuel prices and currency devaluation.
The Managing Director of NEPZA, while speaking during the meeting held at NEPZA’s headquarters in Abuja, said the move signals a major shift in Nigeria’s energy and economic policies.
He said, “The trio of the Nigeria Export Processing Zones Authority, One-Stop-Shop Committee on the `Sale of Crude in Naira’, and the Dangote Refinery & Petrochemicals Free Zone Enterprises, have agreed to meticulously midwife the presidential directive on crashing domestic prices of petroleum products to enhance national energy security, and promote economic growth.
“The mission for energy security is already half-achieved with the successful establishment of the Dangote Refinery & Petrochemicals FZE. This refinery is not just a national asset, it’s a Free Zone enterprise reaping from federal incentives. Now, the goal is for this national pride to also lead our charge toward affordable and accessible energy.”
Ogunyemi said that NEPZA had played a key supervisory role throughout the refinery’s development journey and remains fully committed to supporting its future role in making petroleum products cheaper and more accessible to Nigerians.
He said, “With 480 vessels already delivered, the refinery is gradually producing various fuel types, petrol, diesel, kerosene, aviation jet fuel, and is now positioned to meet both domestic needs and export demands.”
According to him, implementing the naira-for-crude initiative will help insulate Nigeria’s economy from the volatility of foreign exchange markets and reduce pressure on the naira.
“The Free Trade Zone Scheme remains one of the key economic drivers of our country. That’s why we are excited to have the Dangote Refinery as one of our brightest stars leading this economic revolution,” Ogunyemi said.
The Federal Government’s One-Stop-Shop Committee was inaugurated to coordinate and simplify the processes around local crude oil sales to domestic refineries.
The committee comprises representatives from multiple regulatory and security agencies, ensuring a unified approach to implementing the naira-based crude sale directive.
The committee’s coordinator, Maureen Ogbonna, described the initiative as a “landmark intervention” by President Bola Tinubu’s administration aimed at rebuilding the economy from the ground up.
“It is a matter of time before Nigeria completely transitions away from invoicing domestic crude sales in dollars.
“This will boost investor confidence, ease pressure on foreign reserves, and help the naira regain strength,” Ogbonna said.
She praised NEPZA’s openness and willingness to grant the committee full access to the Dangote Refinery, currently Nigeria’s only functional refinery.
She said, “We appreciate Ogunyemi’s commitment and the strategic support NEPZA is offering. This collaboration will definitely empower the Dangote Refinery to champion this presidential initiative.”