Dangote: Tinubu’s crude oil policies strengthening naira, boosting market stability

Aliko Dangote, president of the Dangote Group, says the crude oil policies of President Bola Tinubu are strengthening the naira and boosting market stability.

Dangote spoke over the weekend when Jumoke Oduwole, minister of industry, trade and investment, visited the Dangote Petroleum Refinery & Petrochemicals and Dangote Fertiliser Limited in Lagos.

Praising Tinubu’s efforts to resolve crude supply challenges facing domestic refineries, Dangote described the naira-for-crude initiative and the ‘Nigeria First’ policy as bold, transformative measures with the potential to accelerate economic recovery.

“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 can do—it is essential that crude is priced and purchased in our local currency.”

‘EXCHANGE RATE NOW MORE PREDICTABLE’

The industrialist said the initiatives, combined with other economic reforms, have contributed to stabilising the foreign exchange (FX) rate.

The billionaire expressed optimism that the naira will continue to appreciate in the weeks ahead as the impact of the reforms becomes more evident.

Dangote said the increased market predictability is enabling investors to make more informed decisions and has renewed confidence in Nigeria’s investment landscape.

“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,” he said.

“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.”

The billionaire also praised the government for setting up the one-stop shop (OSS) initiative, aimed at enhancing coordination among regulatory and security agencies to ensure smoother operations under the naira-for-crude programme.

He said the OSS has greatly minimised operational bottlenecks and allowed for swift resolution of issues, in line with the president’s directive.

“The administration of His Excellency, President Bola Ahmed Tinubu, has established a One-Stop Shop that is working diligently,” he said.

“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.”

‘DANGOTE REFINERY A LANDMARK PROJECT’

On her part, Oduwole described the refinery as a landmark project, saying its scale is a venture that governments often avoid undertaking.

She said the current administration is showing genuine commitment to local investors by implementing concrete measures to ease business challenges and promote economic growth.

“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,” the minister said.

“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 added that the federal government is actively consulting with stakeholders and reassessing regulatory and legislative policies to lower the cost of doing business and boost industrial growth.