The Federal Government’s initiative to sell crude oil and refined products domestically in Naira has recorded significant progress, with commendations pouring in for key stakeholders driving the policy.
Mr Zacch Adedeji, Chairman of the Technical Sub-Committee on the initiative and Executive Chairman of the Federal Inland Revenue Service (FIRS), has applauded the Nigerian Ports Authority (NPA) for its leadership role in the policy’s successful implementation.
During a visit to the NPA headquarters on Thursday, Adedeji lauded the collaborative efforts of the One-Stop-Shop (OSS) team led by the NPA. He described their role as pivotal in ensuring seamless operations under President Bola Ahmed Tinubu’s directive, which seeks to strengthen Nigeria’s energy security, reduce losses, and create jobs through the innovative policy.
Speaking further, Adedeji said, “this pioneering effort is a significant achievement that reflects your commitment and patriotism. We encourage you to sustain the hard work and dedication that has made this initiative a success. We also extend our gratitude to all participating agencies for their invaluable cooperation and support. Your outstanding teamwork and service to the nation are deeply appreciated.”
Responding to the commendation, the Managing Director of the Nigerian Ports Authority (NPA), Dr. Abubakar Dantsoho, expressed gratitude to the Federal Government and other stakeholders for their support. “This commendation can only spur us to do more in advancing this noble initiative. I want to especially appreciate the Honourable Minister of Marine and Blue Economy, Adegboyega Oyetola, for providing the leadership that catalyzed our success in this venture. We also thank the tireless Chairman of the Technical Sub-Committee, Zacch Adedeji, for his unwavering support that culminated in this milestone.”
Dr. Dantsoho highlighted the significance of the initiative, noting that it has not only saved losses running into billions of Naira but also ensured national energy security, deepened the country’s balance of trade, created jobs, and sustainably eliminated the scarcity of petroleum products and long fuel queues that had plagued past festive seasons.
He explained that the development aligns with the announcement by Dangote Petroleum Refinery of a reduction in the ex-depot price of Premium Motor Spirit (PMS) to N899.50 per litre, signaling a ripple effect of the initiative’s success in the domestic market.
The One-Stop-Shop (OSS) team consists of representatives from various agencies and organizations critical to the policy’s implementation. These include the Nigerian Maritime Administration and Safety Agency (NIMASA), Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Nigerian Navy, Nigerian Export Processing Zone Authority (NEPZA), Nigeria Customs Service, Nigeria Immigration Service, Federal Inland Revenue Service (FIRS), Port Health Service, Nigerian National Petroleum Corporation (NNPC) Ltd., and the National Drug Law Enforcement Agency (NDLEA).
Private-sector partners such as Dangote Refineries Ltd., the Depot and Petroleum Marketers Association of Nigeria (DAPMAN), the Independent Petroleum Marketers Association of Nigeria (IPMAN), and the Major Energies Marketers Association of Nigeria (MEMAN) also play a critical role in supporting the initiative.
