By Babatunji Wusu
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Aliko Dangote credits President Bola Tinubu’s Naira-for-Crude initiative and Nigeria First policy with stabilizing crude supply to local refineries and strengthening the naira-to-dollar exchange rate.
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The Dangote Petroleum Refinery benefits from improved crude supply efficiencies, aided by a government-established One-Stop Shop (OSS) coordinating regulatory and security agencies, reducing operational bottlenecks.
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Dangote announced plans to deploy 4,000 CNG tankers to enhance petroleum product distribution, lowering logistics costs and increasing affordability for Nigerians.
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Federal Minister Dr. Jumoke Oduwole reaffirmed strong government support for domestic investors, highlighting ongoing reforms to reduce business costs and promote industrial growth.
During a visit by the Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, to the Dangote Petroleum Refinery & Petrochemicals and Dangote Fertiliser Limited in Ibeju-Lekki, Lagos, Aliko Dangote expressed strong optimism about the stability of Nigeria’s domestic petroleum market. He lauded President Bola Tinubu’s policies, particularly the Naira-for-Crude initiative and Nigeria First policy, as bold and transformative steps critical to Nigeria’s economic revitalization.
Dangote described Tinubu as a “listening president,” emphasizing the importance of pricing and purchasing crude oil in naira to effectively meet refinery demand and restore market confidence. He stated:
“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.”
He highlighted the crucial role of the One-Stop Shop (OSS) established by the federal government, which brings together agencies like the Navy, NIMASA, and the Nigerian Ports Authority under one roof to streamline operations related to crude handling. This coordination has dramatically improved loading efficiency and real-time problem resolution, reducing bottlenecks and enhancing market predictability.
Looking ahead, Dangote revealed plans to launch the deployment of 4,000 Compressed Natural Gas (CNG) tankers nationwide. This initiative aims to make petroleum product distribution more efficient, environmentally friendly, and cost-effective, enabling consumers to access fuel more affordably and closer to their locations.
Minister Dr. Jumoke Oduwole reaffirmed the federal government’s unwavering commitment to promoting domestic investment by addressing challenges faced by local businesses. She praised Dangote’s refinery as a landmark project and underlined government efforts to reform regulatory frameworks and minimize business costs, fostering a conducive environment for sustained industrial growth.
These developments reflect a strengthened partnership between private sector leadership and government policy focused on stabilizing the naira exchange rate, enhancing crude supply to refineries, expanding local refining capacity, and boosting Nigeria’s economic resilience and investor confidence.
