NPA begins coordinating petrol sales to Dangote refinery as CBN announces new exchange rate

• The Nigerian Ports Authority is in charge of carrying out the plan to sell crude oil and petroleum products to the Dangote Refinery in Naira
• As per the directive from the Federal Government, the One-Stop-Shop would be located at the Nigerian Ports Authority
• This is in line with the federal government's directive to coordinate service provision from all regulatory, security, and other stakeholders

Legit.ng journalist Zainab Iwayemi has over 3-year-experience covering the Economy, Technology, and Capital Market.

The Federal Government's directive to coordinate service provision from all regulatory, security, and other stakeholders for the smooth execution of the initiative to sell crude oil and petroleum products to the Dangote Refinery in Naira has been implemented by the Nigerian Ports Authority (NPA), according to Dr. Abubakar Dantsoho, Managing Director of the NPA.

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He revealed this while addressing on Wednesday evening when he convened the inter-agency stakeholders meeting on the One-stop-shop (OSS) at the NPA headquarters in Lagos.

Dantsoho said,

“We are poised to collaborate and provide the efficiencies necessary to deliver on this national imperative of ensuring the availability of Premium Motor Spirit (PMS) and other petroleum products.

“We are also setting up a one-stop shop that will coordinate service provision from all regulatory, and security agencies, and other stakeholders to ensure a smooth implementation of this initiative”.

According to the Federal Government's mandate, the Nigerian Ports Authority (NPA) would house the One-Stop-Shop, Tribune reported.

The focal point of the OSS team, which is made up of representatives from the Nigerian Navy, NNPC Limited, Dangote Group, Federal Inland Revenue Service (FIRS), Nigeria Customs Service (NCS), Nigerian Maritime Administration & Safety Agency (NIMASA), and NPA, is Ms. Maureen Ogbonna, a senior official in the NPA Marine & Operations Directorate.

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Samuel Oyekanmi, a research and insight associate with Norrenberger Financial Group said,

"The full implementation of Dangote Refinery is a potential growth propeller, however it will take time before we start seeing the full impact on the economy."

CBN announces new dollar exchange rate

Legit.ng reported that the Central Bank of Nigeria (CBN) has increased the dollar exchange rate for Customs duty to clear goods at the nation's ports.

According to data from the federal government trading portal, Nigerian importers will now be charged N1,666.219 per dollar from Thursday, September 26, 2024.

The new rate represents a 0.38% increase from the previous rate of N1,659.83 per dollar.

Source: Legit.ng