Dangote Praises Tinubu’s Crude-for-Naira Deal
Aliko Dangote, President of Dangote Industries Limited, has commended President Bola Tinubu for facilitating the implementation of the crude-for-naira deal, which he credited with reducing petroleum product prices across Nigeria.
In a statement shared with DAILY POST, Africa’s richest man emphasized his dedication to providing Nigerians with high-quality and affordable petroleum products.
Highlighting the role of the Dangote Refinery in the nation’s economic development, Dangote stated:
“The Dangote Refinery is for the benefit of Nigeria and Nigerians. We will therefore continue to work with various value chain players to deliver high-quality petrol at cheaper prices. Our aim is for all Nigerians to have ready access to high-quality petroleum products that are good for their vehicles, good for their health, and good for their pockets.”
The crude-for-naira policy, approved by President Tinubu in September 2024 and effective from October 1, allows local refineries to purchase crude oil in naira and sell refined petroleum products within the country in the same currency. This initiative has reduced reliance on the dollar, stabilized the local currency, and eased economic pressures.
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Dangote expressed gratitude to Nigerians for their consistent support and applauded the government’s efforts in fostering a conducive environment for the domestic refining industry to thrive.
