Africa’s richest man and founder of the Dangote Group, Aliko Dangote, has praised President Bola Ahmed Tinubu for implementing economic policies that he says are restoring investor confidence and stabilising Nigeria’s business environment.
Speaking over the weekend during a visit by the Minister of Industry, Trade and Investment, Jumoke Oduwole, to the Dangote Petroleum Refinery & Petrochemicals and Dangote Fertiliser Limited in Ibeju-Lekki, Lagos, Dangote described Tinubu as a “listening president” who is taking bold steps to address the country’s economic challenges.
He specifically lauded the Naira-for-Crude initiative and the Nigeria First policy, noting that they have significantly improved crude oil supply to domestic refineries and strengthened market predictability.
“I believe we must sincerely thank His Excellency, President Bola Ahmed Tinubu, for ensuring that there have been improvements in the supply of crude oil,” Dangote said.
“His insistence that all crude oil transactions be conducted in naira has been particularly commendable. For us to effectively meet market demand which we have the capacity to do it is essential that crude is priced and purchased in our local currency.”
According to him, these reforms have already had a positive impact on the naira-to-dollar exchange rate, with market fluctuations becoming more stable and predictable. This, he said, is essential for businesses trying to make long-term investment decisions.
“We are also beginning to see some stability in the naira-to-dollar exchange rate, which has had a positive impact,” he noted.
“There is now less fluctuation, and this has brought a degree of predictability to the market. For those of us in the business sector, this is a welcome development, as it allows us to plan more effectively.”
Dangote also commended the Federal Government for setting up a One-Stop Shop (OSS) initiative, which consolidates key regulatory and security agencies under one platform to facilitate smoother operations in the petroleum sector.
“The administration of His Excellency, President Bola Ahmed Tinubu, has established a One-Stop Shop that is working diligently,” he said.
“At present, we are not experiencing any significant issues with loading. All the relevant agencies Navy, NIMASA, NPA, and others are under one roof, which has greatly improved efficiency.”
He credited Zacch Adedeji, Chairman of the Technical Committee overseeing the Naira-for-Crude initiative, for swiftly resolving operational challenges and ensuring seamless coordination among stakeholders.
In a forward-looking announcement, Dangote revealed that the refinery is preparing to deploy 4,000 Compressed Natural Gas (CNG) tankers to deliver petroleum products across the country more efficiently and sustainably. He said the strategy is designed to lower logistics costs and bring affordable fuel closer to consumers.
“This move will reduce transportation costs significantly and ensure that petroleum products reach Nigerians more efficiently and at better prices,” he added.
The visit by Minister Oduwole was part of efforts to strengthen collaboration between government and private sector players in the country’s industrial and trade sectors.
