In the heart of Abuja, a quiet shift is taking shape—Dangote Refinery, NEPZA joined hands to boost local currency, cut fuel prices—a move that could redefine how Nigeria fuels its future.
During a strategic visit to NEPZA’s headquarters, government officials and industry leaders struck a deal to move away from dollar-based crude sales, placing
the naira at the centre of domestic oil transactions.
Partnership Agreement In Abuja
During a courtesy visit to NEPZA Managing Director Dr Olufemi Ogunyemi in Abuja, the three parties formally agreed to collaborate.
Specifically, they committed to implementing a policy that enables local refineries — especially the Dangote Refinery — to purchase crude oil in naira rather than dollars.
One-Stop-Shop Coordination
To support this effort, the committee, according to NEPZA spokesperson Martins Odeh, has brought key regulatory, security, and service agencies under one coordinated platform.
As a result, the group intends to streamline crude supply to indigenous refineries and improve operational efficiency.
Dangote Refinery, NEPZA To Boost Local Currency
Meanwhile, Dr Ogunyemi highlighted NEPZA’s pivotal role in supervising the Dangote Refinery’s construction from inception to completion.
Notably, the refinery has delivered over 480 vessels and is now producing petrol, diesel, aviation fuel, and more.
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He stressed that transitioning to naira-based crude transactions would help stabilise the naira and reinforce national economic sovereignty.
Support From Key Stakeholders
Furthermore, committee representative Maureen Ogbonna commended NEPZA’s support.
She described the initiative as a key element of President Tinubu’s economic reform agenda and emphasised the refinery’s strategic role.
Industry Commitment To Policy Success
Finally, speaking for Aliko Dangote, Akinsanya Mobolaji Mobolarin, confirmed the company’s readiness to drive the policy forward.
He projected that the move would ease pressure on foreign exchange and promote stable fuel pricing.