The Chairman of the Technical Sub-Committee on the implementation of the Federal Government’s policy for domestic sales of crude oil and refined products in Naira, Zacch Adedeji, has commended the Nigerian Ports Authority (NPA) and its One-Stop-Shop (OSS) team for their exemplary role in ensuring smooth operations of the initiative.
Adedeji, who also doubles as the Executive Chairman of the Federal Inland Revenue Service (FIRS), made these remarks during a visit to the NPA Headquarters on Thursday.
“We recognise that this pioneering effort is a significant achievement, and no doubt reflects your commitment and patriotism,” Adedeji said, acknowledging the collaborative efforts of the OSS team.
“Thus, we encourage you to maintain 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. Thank you for your outstanding teamwork and service to the nation,” he added.
The policy, which mandates the domestic sale of crude oil and allied products in naira, has been hailed as a game-changer in enhancing Nigeria’s economic resilience. The initiative is credited with reducing forex pressure, strengthening the Naira, and addressing perennial fuel shortages that often disrupt festive seasons.
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NPA’s Managing Director, Dr Abubakar Dantsoho, responded to Adedeji’s commendation, attributing the success to collaborative leadership.
“This commendation can only spur us to do more in advancing this noble initiative. Let me seize this moment to specially appreciate the Honourable Minister of Marine & Blue Economy, Adegboyega Oyetola, for providing the leadership that catalysed our success on this venture,” Dantsoho said.
He further lauded Adedeji for his unwavering support that culminated in this milestone, adding that the teamwork across various agencies exemplifies the power of unity in driving national progress.
The OSS initiative, spearheaded by the NPA, integrates the efforts of multiple agencies, including the Nigerian Maritime Administration and Safety Agency (NIMASA), Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), and the Nigerian National Petroleum Corporation (NNPC) Ltd.
It also involves private sector stakeholders like Dangote Refineries Ltd., Depot and Petroleum Marketers Association of Nigeria (DAPMAN), Independent Petroleum Marketers Association of Nigeria (IPMAN), and Major Energy Marketers Association of Nigeria (MEMAN).
The policy’s success is further evidenced by Dangote Petroleum Refinery’s recent announcement of a reduction in the ex-depot price of Premium Motor Spirit (PMS) to N899.50 per litre.