NEPZA, Dangote Refinery Move to Cut Fuel Prices in Nigeria

By Oluwakemi Kindness

The Nigeria Export Processing Zones Authority (NEPZA), in collaboration with key stakeholders, has pledged to implement the presidential directive aimed at reducing domestic fuel prices and boosting national energy security.

The partnership includes the Presidential One-Stop-Shop Committee on the Sale of Crude in Naira and the Dangote Refinery & Petrochemicals Free Zone Enterprise.

The agreement was reached during a courtesy visit by the committee to NEPZA’s Managing Director, Dr Olufemi Ogunyemi, on Tuesday in Abuja.

A statement issued on Wednesday by NEPZA’s Head of Corporate Communications, Dr Martins Odeh, said the parties endorsed a streamlined crude-for-naira framework focused on enhancing local refining capacity and economic resilience.

Dr Ogunyemi described the policy as a “turning point” in Nigeria’s pursuit of self-sufficiency in petroleum products. He noted that NEPZA, which oversaw the Dangote Refinery project from inception to commissioning, remains firmly aligned with the president’s vision.

He added that NEPZA would deploy the full strength of the Free Trade Zone scheme to support the initiative, describing the programme as a proven economic catalyst, with the Dangote Refinery as one of its most prominent successes.

Committee Coordinator, Maureen Ogbonna, described the initiative as a “key presidential intervention to reset the economy,” and praised NEPZA’s openness and the access granted to the refinery.

Also speaking, Engr Akinsanya Mobolaji Mobolarin, who represented the Dangote Refinery, reiterated the group’s commitment to national development, adding that Aliko Dangote remains dedicated to Nigeria’s industrialisation agenda.

The new framework is expected to serve as a template for future transactions, aligning regulatory, financial, and operational processes to support the country’s energy transition and reduce its dependence on imported fuel.