President of the Dangote Group, Aliko Dangote, has commended President Bola Ahmed Tinubu for the bold economic reforms introduced to stabilise Nigeria’s petroleum sector and strengthen the naira, particularly the Naira-for-Crude policy.
Dangote made the remarks during a weekend visit by the Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, to the $20 billion Dangote Petroleum Refinery & Petrochemicals and Dangote Fertiliser Limited located in Ibeju-Lekki, Lagos.
He lauded the Federal Government’s commitment to improving crude supply to local refineries and welcomed the insistence on transacting oil deals in the local currency. According to him, such measures are essential for enhancing the country’s refining capacity and boosting economic sustainability.
“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.”
He further observed that the reforms have begun to stabilise the naira-to-dollar exchange rate, restoring investor confidence and improving market predictability.
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“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 added.
The industrialist also praised the government’s creation of a One-Stop Shop (OSS) system to streamline the coordination of security and regulatory agencies. He said this initiative has significantly reduced bureaucratic delays and enhanced operational efficiency at the refinery.
“At present, we are not experiencing any significant issues with loading. All the relevant agencies have been brought together under one roof—Navy, NIMASA, NPA and others. This coordination has greatly improved efficiency,” he noted.
Dangote revealed that the refinery is preparing to deploy 4,000 Compressed Natural Gas (CNG) tankers to distribute petroleum products across the country. The initiative, he explained, would lower transportation costs, promote cleaner energy use, and make fuel more accessible and affordable for Nigerians.
He expressed optimism that as the reforms take deeper root, the naira will continue to strengthen, and business operations across key sectors will improve in efficiency and sustainability.