NEPZA, FG, And Dangote Refinery Join Forces To Slash Petrol Prices In Nigeria.
As part of efforts to bolster Nigeria’s energy security and economic growth, the Nigeria Export Processing Zones Authority (NEPZA), the Federal Government’s One-Stop-Shop Committee on the Sale of Crude in Naira, and the Dangote Refinery & Petrochemicals Free Zone Enterprises have forged a strategic partnership to implement a presidential directive aimed at reducing domestic petrol prices. This landmark collaboration was announced following a courtesy visit by the committee to NEPZA’s Managing Director, Dr Olufemi Ogunyemi, in Abuja on Tuesday, 24 June 2025.
The initiative focuses on streamlining the sale of crude oil to local refineries, particularly the Dangote Refinery, by coordinating efforts across regulatory, security, and other relevant agencies. By facilitating crude oil transactions in naira rather than dollars, the partnership seeks to insulate Nigeria’s economy from foreign exchange volatility, reduce pressure on the naira, and ultimately lower the cost of petroleum products for consumers.
Dr Ogunyemi expressed strong confidence in President Bola Tinubu’s vision for achieving full domestic sufficiency in petroleum products. “The mission for energy security is already half achieved with the successful establishment of the Dangote Refinery, a registered Free Zone that continues to benefit from our scheme’s incentives,” he said. He highlighted NEPZA’s pivotal role in overseeing the construction of the world-class refinery from its inception to its inauguration in May 2023, describing it as a “success story” for the authority. Ogunyemi added that the refinery, having delivered 480 vessels and producing a wide range of products including petrol, diesel, kerosene, and aviation jet fuel, is well-positioned to meet Nigeria’s domestic demand and support exports.
Ms Maureen Ogbonna, coordinator of the One-Stop-Shop Committee, praised NEPZA’s commitment to granting full access to the Dangote Refinery, currently Nigeria’s only operational refinery. “This collaboration will undoubtedly enable the Dangote Refinery to lead the way in delivering the President’s directive,” she stated, noting that the initiative is already yielding results due to strong political will and stakeholder cooperation.
Representing the Dangote Refinery, Engr Akinsanya Mobolaji Mobolarin, General Manager of Engineering/Strategic Services, reaffirmed the company’s dedication to supporting Nigeria’s drive for development and industrialisation. “Our Chairman, Aliko Dangote, is always pleased to assist the country’s economic goals. We are ready to play our part in achieving energy security,” he said, highlighting the potential economic benefits of the naira-for-crude policy.
The partnership comes at a critical time, as global crude oil prices have surged due to geopolitical tensions, including the recent conflict between Israel and Iran, which has increased the landing costs of imported fuel. By prioritising naira-based transactions, the initiative aims to stabilise domestic fuel prices, reduce reliance on imported petroleum, and drive down the cost of living for Nigerians.
The Dangote Refinery, located in Ibeju-Lekki, Lagos, has already demonstrated its capacity to transform Nigeria’s energy landscape. With a production capacity of 650,000 barrels per day, the refinery is gradually meeting domestic demand while also exporting fuel, including jet fuel to international markets such as the United States. This collaboration is expected to further enhance the refinery’s ability to deliver affordable, high-quality petroleum products, aligning with President Tinubu’s Renewed Hope Agenda to stimulate economic recovery and position Nigeria as a leading oil export hub.
As the initiative progresses, Nigerians can anticipate a meaningful reduction in petrol prices, with a positive ripple effect across various sectors of the economy. The partnership underscores a collective commitment to fostering a more stable and prosperous energy market, ensuring that the benefits of local refining are felt by all.
