Aliko Dangote, president of the Dangote Group, says the naira-for-crude policy enabled his refinery to reduce product prices consistently, guaranteeing availability for the overall benefit of Nigerians.
Dangote spoke when President Bola Tinubu visited the refinery on Thursday to launch the reconstruction of the deep-sea port access road through Epe, Ijebu Ode.
The businessman said the policy is the “most transformative initiative” of the incumbent government.
“On your administration’s most transformative initiatives is the historic Naira-for-crude policy, which stands out as a clear testament to your administration’s commitment to economic recovery and national sovereignty,” he said.
“This bold policy has enabled us at Dangote Petroleum Refinery to reduce product prices consistently and guaranteeing availability for the overall benefit of Nigerians.
“Your Excellency, I know that to some people here in Nigeria, they might think that, petrol at less than N900 is expensive, but there is nowhere in West Africa that petrol is not selling above $1, which is N1,600.
“It has actually also helped significantly in stabilising the prices of petrol, diesel, jet air, LPG, polypropylene to the lowest level.
“The effect of this development is the stabilisation of our currency, a critical element in the development of economic policy and budgeting by businesses.”
Dangote also commended the recently introduced ‘Nigeria First Policy’, which aims to drastically reduce the reliance on foreign goods and services, prioritising local patronage in investment decisions, business operations, and consumption.
He said the policy aligns with the Dangote Group’s corporate vision of producing what we consume to promote self-sufficiency in meeting the basic needs of “our people as importation means import of poverty and export of jobs”.
Nigeria officially commenced the sale of crude oil and refined petroleum products in naira on October 1, 2024, after the federal executive council (FEC) approved a proposal by Tinubu directing the NNPC to sell crude oil to Dangote refinery and other refineries in the local currency.
However, in November last year, the refinery said the crude-for-naira initiative was faltering, citing supply challenges.
On March 10, TheCable reported that the NNPC had halted the naira-for-crude deal until 2030, as the government-owned company had forward-sold all its crude oil.
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