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 reaffirmed their commitment to the implementation of the presidential directive aimed at reducing domestic prices of petroleum products through the elimination of dollar-denominated crude sales in local transactions.
The resolution was reached during a strategic engagement in Abuja between the One-Stop-Shop Committee and NEPZA’s Managing Director, Dr. Olufemi Ogunyemi.
All stakeholders agreed to align operational frameworks to accelerate the enforcement of the directive, which is expected to strengthen national energy security, stabilise the naira, and boost industrial output.
Dr. Ogunyemi described the directive as a transformative policy shift that aligns with Nigeria’s broader economic reform agenda.
He reiterated NEPZA’s readiness to support the policy’s full rollout across its Free Trade Zones and related industrial clusters.
“NEPZA supervised the Dangote Refinery project from inception to commissioning. It remains a flagship national asset within our Free Trade Zone Scheme,” Ogunyemi said. “The transition to Naira-based crude sales will reduce exchange rate exposure and enable more predictable input costs for domestic refiners.”
Since commissioning, the Dangote Refinery has received over 480 vessels and has commenced full-scale production of petrol, diesel, aviation fuel, and other refined products.
The facility is positioned to meet both local and regional demand, operating under NEPZA’s regulatory oversight as a Free Zone Enterprise.
The One-Stop-Shop Committee Coordinator, Ms. Maureen Ogbonna, emphasised the critical nature of the reform, calling it a high-impact presidential intervention designed to correct longstanding structural inefficiencies in the country’s oil pricing framework.
“It is only a matter of time before we fully eliminate dollar billing for domestic crude. We are already seeing positive movement due to the political will and alignment among key stakeholders,” she said.
Representing Dangote Refinery, Mr. Akinsanya Mobolarin, General Manager of Engineering and Strategic Services, reaffirmed the company’s commitment to supporting the economic diversification agenda of the federal government.
“The Dangote Refinery is fully aligned with this policy shift. Local crude pricing in naira will enhance operational efficiency and enable long-term planning for downstream players,” Mobolarin stated. “We remain committed to contributing meaningfully to energy affordability and sustainable industrialisation in Nigeria.”
The new policy direction marks a significant departure from the previous model where local refiners sourced crude using foreign exchange, thereby exposing operations to FX volatility and limiting domestic refining capacity.
The Joint Revenue Board and the Federal Ministry of Finance are expected to work closely with NEPZA and the Committee to ensure seamless integration of the naira-based crude pricing model into the country’s fiscal framework.
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