FG, Dangote move to crash prices of petroleum products<\/p>\n
The Nigeria Export Processing Zones Authority (NEPZA) has reiterated the Federal Government\u2019s commitment to ensuring implementation of the presidential directive on reducing domestic petroleum product prices.<\/p>\n
NEPZA\u2019s Managing Director, Dr. Olufemi Ogunyemi, stated this on Wednesday during a courtesy visit to his office by the Management of Dangote Refinery in Abuja<\/p>\n
Ogunyemi said that NEPZA, the Federal One-Stop-Shop Committee on Crude Sale in Naira, and the Dangote Refinery Petrochemicals Free Zone Enterprise (FZE) have pledged to work together to implement the directive.<\/p>\n
He noted that the move was part of ongoing efforts by the Federal Government to ensure energy security and stimulate economic growth.<\/p>\n
According to him, this will be done by strengthening local refining capacity and removing dollar dependence in crude transactions.<\/p>\n
Ogunyemi reiterated NEPZA\u2019s commitment to supporting the Committee\u2019s mandate, stressing that the Authority had supervised the construction of the Dangote Refinery from inception to inauguration.<\/p>\n
\u201cThe mission for energy security is already halfway achieved because the Dangote Refinery and Petrochemicals is a registered Free Zone Enterprise and continues to enjoy incentives from the scheme,\u201d he said.<\/p>\n
The Managing Director disclosed that the refinery had already received 480 crude delivery vessels and commenced production of various petroleum products including petrol, diesel, kerosene and aviation fuel.<\/p>\n
He emphasized that enabling local refineries to purchase crude oil in Naira will shield the Nigerian economy from exchange rate vulnerabilities and boost domestic capacity.<\/p>\n
The NEPZA boss described the Free Trade Zone Scheme as a crucial economic driver and called for more private sector-led initiatives under the framework to fast-track industrialization.<\/p>\n
Earlier, the Coordinator of the Committee, Ms. Maureen Ogbonna, said that the collaboration reflected the Federal Government\u2019s political will to reposition the petroleum industry through a cost-effective and sustainable supply chain.<\/p>\n
She said that the initiative had already started yielding results, adding that the Dangote Refinery was central to the reform process.<\/p>\n
\u201cWe are encouraged by NEPZA\u2019s openness and willingness to allow access to the Dangote Refinery, which is currently the only operational refinery in the country.<\/p>\n
\u201cThis collaboration will set the pace,\u201d she said.<\/p>\n
On his part, the General Manager of Engineering and Strategic Services at Dangote Refinery, Mr. Akinsanya Mobolarin, reiterated the Group\u2019s commitment to national development and energy sufficiency.<\/p>\n
He conveyed the support of the Chairman of the Dangote Group, Alhaji Aliko Dangote to the mandate.<\/p>\n
Mr. Mobolarin added that if successfully implemented,
\nthe Naira-based crude supply initiative, would promote industrial growth and stabilise the domestic energy market<\/p>\n
\u201cThis refinery is positioned to serve not only local needs but also regional demands, and we are proud to be part of this national economic transformation,\u201d the General Manager said<\/p>\n
The One-Stop-Shop Committee was established to harmonize regulatory, security and operational support for seamless domestic crude supply to refineries under the new policy framework.<\/p>\n
(NAN, but rejigged)<\/p>\n","protected":false},"excerpt":{"rendered":"
FG, Dangote move to crash prices of petroleum products The Nigeria Export Processing Zones Authority (NEPZA) has reiterated the Federal Government\u2019s commitment to ensuring implementation of the presidential directive on reducing domestic petroleum product prices. NEPZA\u2019s Managing Director, Dr. Olufemi Ogunyemi, stated this on Wednesday during a courtesy visit to his office by the Management […]<\/p>\n","protected":false},"author":4,"featured_media":146663,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[79,2,18],"tags":[189,100,1518,1517],"class_list":{"0":"post-146662","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"category-featured","9":"category-news","10":"tag-dangote","11":"tag-fg","12":"tag-petroleum-products-price","13":"tag-to-crash"},"yoast_head":"\n