The founder of the Dangote Group, Aliko Dangote, has praised President Bola Tinubu, describing him as a “listening president” whose recent economic policies are reviving investor confidence in Nigeria.
He made these remarks during the weekend when Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, visited the $20 billion Dangote Petroleum Refinery & Petrochemicals and Dangote Fertiliser Limited in Ibeju-Lekki, Lagos.
Dangote highlighted Tinubu’s efforts to resolve crude supply challenges for local refineries, commending the Naira-for-Crude initiative and the Nigeria First policy as transformative measures that could significantly boost the economy.
“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. 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 said.
He explained that these reforms are beginning to stabilize the exchange rate between the naira and the dollar, which he believes will further strengthen in the coming weeks.
“We are also beginning to see some stability in the naira-to-dollar exchange rate, which has had a positive impact. 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. Looking ahead, as market conditions continue to improve, we can expect to see a more favourable exchange rate,” he said.
Dangote also praised the establishment of the One-Stop Shop (OSS) initiative by the Federal Government, aimed at improving synergy among regulatory and security agencies to support smoother operations under the Naira-for-Crude framework.
“The administration of His Excellency, President Bola Ahmed Tinubu, has established a One-Stop Shop that is working diligently. I am confident that the government intends to replicate this model in other sectors, particularly to streamline the clearing of goods—an essential area of business.
At present, we are not experiencing any significant issues with loading. All the relevant agencies have been brought together under one roof, including the Navy, NIMASA, NPA, and others. This coordination has greatly improved efficiency. Whenever issues arise, they are promptly addressed through the leadership of the Chairman of the Technical Committee, Mr Zack Adedeji, who is doing an excellent job.”
In addition, he revealed that the Dangote Refinery will soon roll out an initiative involving 4,000 Compressed Natural Gas (CNG) tankers to distribute petroleum products across the country more efficiently and in an eco-friendly way. The goal, he said, is to reduce logistics costs and make fuel products more affordable and accessible to Nigerians.