The Nigeria Export Processing Zones Authority (NEPZA), One-Stop-Shop Committee on the `Sale of Crude in Naira’, and the Dangote Refinery & Petrochemicals Free Zone Enterprises, have agreed to comply with the presidential directive on crashing domestic prices of petroleum products to enhance national energy security, and promote economic growth.
In a statement by NEPZA, the three entities agreed to synergise their commitments to achieve the directive when the members of the committee paid a courtesy visit on NEPZA’s Managing Director, Dr. Olufemi Ogunyemi in Abuja.
Dr. Ogunyemi who expressed confidence in the president’s vision and drive of achieving full domestic sufficiency in petroleum products, stated that NEPZA was prepared to cooperate and collaborate with the committee to achieve this mandate.
“Interestingly, the Authority supervised the construction of the highly celebrated world class Dangote Refinery from the beginning to its inauguration, making it a success story for us,” the NEPZA boss said.
“The mission for energy security is half achieved because the Dangote Refinery & Petrochemicals FZE is a registered Free Zone and as such continues to benefit from the scheme’s incentives. Since the federal government has put a lot to ensure the establishment of the refinery, I believe the time has come for the entity to lead our drive for energy security,” he said.
Dr. Ogunyemi disclosed that the refinery which had since commenced operation with the delivery of 480 vessels so far, was proudly linked to producing a wide range of crude types and gradually meeting the country’s domestic demand for petrol, diesel, kerosene aviation jet fuel, and for export.
He, noted that the sale of crude in naira would eliminate the vulnerability of the local currency against the dollar in crude transactions within the country.
“Let me reiterate that the Free Trade Zone Scheme remains a key economic driver of our nation and so, we are happy that the Dangote Refinery is one of our shining stars that shall be used to drive this policy’’, Dr. Ogunyemi said.
The committee’s coordinator, Ms Maureen Ogbonna, described the committee’s task as one of the president’s key interventions to reposition the economy, saying it was a matter of time for the country to move away from billing domestic crude sale in dollar.
She explained that the committee is already yielding the desired results following the display of political-will and the cooperation so far shown by stakeholders toward the policy.
Also the representative of the Dangote Refinery & Petrochemicals, Mr Akinsanya Mobolarin, explained that the Chairman/Founder of the Dangote Group, Aliko Dangote was always pleased to assist the country’s drive for development, industrialisation and economic growth.
Mobolarin, who is the General Manager Engineering/Strategic Services of the refinery, acknowledged the growth the policy would attract to the economy if implemented successfully while pledging the support of Dangote Refinery in achieving energy security in the country.