Aliko Dangote has called on the Federal Government to expand the Naira-for-Crude policy beyond oil, hailing the initiative as a game-changer for Nigeria’s economy. During a ministerial visit to his $20 billion refinery and fertiliser plants in Ibeju-Lekki, Dangote praised President Tinubu for implementing bold reforms, including mandating crude oil sales to local refineries in naira. He credited the policy for improving crude supply, boosting local industry, and aligning with the “Nigeria First” economic strategy.
The billionaire industrialist pointed to early wins from the naira-based crude transactions, particularly increased currency stability and a more predictable business environment. He observed that the recent reforms have reduced exchange rate volatility, allowing businesses to plan better and build long-term confidence. Dangote urged the government to replicate this approach across other critical sectors to stimulate broader economic transformation.
He also applauded the government’s creation of a One-Stop Shop (OSS) that brings together key agencies such as the Nigerian Navy, NPA, and NIMASA to streamline crude logistics and reduce red tape. According to Dangote, this move has drastically improved operational efficiency, ensuring seamless product loading and timely delivery. He recommended that the OSS model be adapted for other industries to fast-track investment and production.
Minister Jumoke Oduwole, who toured the facilities, reinforced the administration’s commitment to supporting domestic investment. She lauded Dangote’s ambitious project as a rare private sector feat that even governments might shy away from. Stressing that the government’s support is tangible, she pointed to ongoing regulatory reforms and the recently held Domestic Investment Summit as evidence of its seriousness in fostering industrial growth.
Source: Business day