Aliko Dangote, Chairman of the Dangote Group, has praised President Bola Tinubu's economic policies, particularly the Naira-for-Crude initiative and the Nigeria First policy, calling them "bold and transformative steps" that are revitalizing Nigeria's economy and restoring investor confidence.
He made these remarks during a visit by the Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, to the Dangote Refinery and Fertiliser plants in Lagos.
Key Highlights of Dangote's Endorsement:
1.Improved Crude Oil Supply: Dangote specifically thanked President Tinubu for ensuring better crude oil supply to domestic refineries.
He highlighted the President's insistence on conducting all crude oil transactions in naira as particularly commendable, stating it's "essential that crude is priced and purchased in our local currency" to meet market demand.
2. Naira Stability and Predictability: He noted that these initiatives, along with other economic reforms, have brought a measure of stability to the naira-to-dollar exchange rate.
Dangote expressed optimism that the naira would continue to strengthen, fostering improved market predictability for investors to make sound business decisions.
3. One-Stop Shop (OSS) Initiative: Dangote lauded the Federal Government's establishment of a One-Stop Shop initiative.
He emphasized that this has significantly reduced bottlenecks and facilitated smoother operations for the Naira-for-Crude program by improving coordination among regulatory and security agencies.
He also expressed confidence that this model would be replicated in other sectors, such as goods clearing.
4.New CNG Tanker Initiative: Dangote announced that the refinery is set to deploy 4,000 Compressed Natural Gas (CNG) tankers for efficient and environmentally friendly distribution of petroleum products.
He believes this will reduce logistics costs and make products more affordable for Nigerians.
Dangote's comments underscore a positive outlook on the current administration's economic reforms and their potential to drive growth and stability in Nigeria.