By Esther Ososanya
The Nigeria Export Processing Zones Authority (NEPZA), in collaboration with the Dangote Refinery and key federal stakeholders, has pledged full support for the presidential directive aimed at reducing fuel prices and enhancing national energy security through a crude-for-naira exchange policy.
This commitment was made during a courtesy visit by the Presidential One-Stop-Shop Committee on the Sale of Crude in Naira to NEPZA’s Managing Director, Dr. Olufemi Ogunyemi, on Tuesday in Abuja.
In a statement issued on Wednesday by NEPZA’s Head of Corporate Communications, Dr. Martins Odeh, the parties endorsed the policy as a strategic step toward boosting domestic refining capacity, improving economic resilience, and reducing Nigeria’s dependence on imported fuel.
Recall that the crude swap agreement between the Nigerian National Petroleum Corporation (NNPC) and the Dangote Refinery involved the NNPC supplying crude oil to the refinery in exchange for refined petroleum product, aiming to stabilise fuel prices and reduce reliance on imports.
The initial agreement, which began in October 2024, saw NNPC supplying crude in naira, but it has faced challenges and is currently under renegotiation.
Dr. Ogunyemi described the crude-for-naira framework as a “turning point” in Nigeria’s energy landscape, stating that NEPZA—having overseen the Dangote Refinery project from inception to commissioning—remains strongly aligned with President Bola Tinubu’s energy vision.
“We will deploy the full strength of the Free Trade Zone scheme to support this initiative,” he said, noting that the programme has proven to be a key economic catalyst, with the Dangote Refinery standing as a prime example of its success.
Coordinator of the Presidential Committee, Maureen Ogbonna, hailed the initiative as “a key presidential intervention to reset the economy,” and commended NEPZA for its cooperation and transparency in granting access to the refinery facilities.
Also speaking, Engr. Akinsanya Mobolaji Mobolarin, who represented the Dangote Refinery, reaffirmed the group’s commitment to Nigeria’s industrial development. He stated that Africa’s richest man, Aliko Dangote, remains dedicated to the national goal of self-reliance in energy.
The framework is expected to serve as a model for future transactions, aligning regulatory, operational, and financial structures to fast-track Nigeria’s energy transition and reduce fuel costs for citizens.
Esther Ososanya is an investigative journalist with Pinnacle Daily, reporting across health, business, environment, metro, Fct and crime. Known for her bold, empathetic storytelling, she uncovers hidden truths, challenges broken systems, and gives voice to overlooked Nigerians. Her work drives national conversations and demands accountability one powerful story at a time.