Aliko Dangote, President of Dangote Group has praised President Bola Ahmed Tinubu’s crude oil policies, noting that they are helping to stabilise Nigeria’s economy, strengthen the naira, and restore investor confidence.
Gatekeepers News reports that Dangote made the remarks over the weekend during a visit by the Minister of Industry, Trade, and Investment, Jumoke Oduwole, to Dangote Petroleum Refinery & Petrochemicals and Dangote Fertiliser Limited in Lagos.
Commending the government’s response to crude oil supply challenges faced by local refineries, Dangote described President Tinubu’s “naira-for-crude” initiative and the “Nigeria First” policy as bold and transformative.
The billionaire said these reforms are already showing results, especially in boosting foreign exchange stability and accelerating economic recovery.
He said, “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 can do—it is essential that crude is priced and purchased in our local currency.”
According to him, transacting in naira not only makes crude oil more accessible for local refineries but also promotes economic sovereignty and supports the local currency.
Dangote expressed optimism that the naira will continue to gain strength in the coming weeks as the full impact of the reforms takes hold.
He said, “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.”
Dangote also lauded the creation of a One-Stop Shop (OSS) for regulatory coordination, which he said has greatly improved operational efficiency under the naira-for-crude framework.
He noted that having all key regulatory bodies—such as the Navy, NIMASA, and the Nigerian Ports Authority (NPA) working together under one roof has helped reduce delays and resolve issues more swiftly.
The richest man in Africa, “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.”
Minister Jumoke Oduwole, who led the federal government delegation, described the Dangote refinery as a monumental achievement.
She praised Dangote not just as a leading investor in Nigeria but as a symbol of African enterprise on the global stage. Oduwole emphasised that the federal government is fully backing local investors through policy reform and direct support.
Oduwole said, “We are here to show our full support for him, both as a foremost domestic investor and as a prominent champion of African investment on the global stage.”
“Our support is not limited to words; we are demonstrating our commitment through action.”
“We are encouraging other domestic investors by recognising and backing those, like Alhaji Dangote, who put Nigeria first. This is not mere rhetoric—our time, attention, and effort are fully aligned with our priorities.”
The minister noted that the government is engaging stakeholders and reviewing legislation to make it easier for investors to operate, create jobs, and drive sustainable development across the country.
