Nigeria’s economic landscape is experiencing a significant shift, with leading industrialist Aliko Dangote crediting President Bola Ahmed Tinubu’s “listening presidency” and transformative policies for restoring investor confidence and revitalizing the private sector.
Dangote’s commendation came over the weekend during a high-profile visit by the Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, to the sprawling $20 billion Dangote Petroleum Refinery & Petrochemicals and Dangote Fertiliser Limited in Ibeju-Lekki, Lagos.
The President/Chief Executive of Dangote Group pointed several key initiatives, particularly the “Naira-for-Crude” policy and the “Nigeria First” strategy, as bold and effective steps accelerating the nation’s economic recovery.
He lauded President Tinubu’s commitment to addressing the crucial issue of crude supply to domestic refineries, a move he believes is fundamental to meeting the country’s energy demands.
“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.
 |
| L-R, President / CE, Dangote Industries Ltd, Aliko Dangote; Minister of Industry, Trade, and Investment, Dr. Jumoke Oduwole, during the Minister’s visit to Dangote Petroleum Refinery and Fertiliser Plant in Ibeju Lekki Lagos on Saturday July 26, 2025 |
“For us to effectively meet market demand, which we have the capacity to do, it is essential that crude is priced and purchased in our local currency.”
This strategic shift, according to Dangote, has been instrumental in bringing a much-needed measure of stability to the naira-to-dollar exchange rate.
He expressed optimism that the naira would continue its upward trajectory in the coming weeks as the full effects of the reforms become more apparent, fostering greater market predictability for investors.
“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 explained.
Beyond the currency reforms, Dangote also praised the Federal Government’s establishment of a One-Stop Shop (OSS) initiative.
This innovative approach aims to streamline operations under the Naira-for-Crude programme by enhancing coordination among various regulatory and security agencies.
He emphasized that the OSS has significantly reduced bottlenecks and enabled real-time resolution of issues, directly aligning with President Tinubu’s directive for improved efficiency.
“The administration of His Excellency, President Bola Ahmed Tinubu, has established a One-Stop Shop that is working diligently.
“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 stated.
In a forward-looking announcement, the business magnate revealed the refinery’s plans to deploy 4,000 CNG (Compressed Natural Gas) tankers.
This initiative is designed to distribute petroleum products more efficiently and in an environmentally friendly manner, ultimately reducing logistics costs and ensuring Nigerians receive products at more affordable prices and closer to their communities.
Responding to Dangote’s remarks, the Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, reiterated the Federal Government’s unwavering commitment to promoting domestic investment and actively addressing the challenges faced by local investors.
“We are here today as a result of President Bola Ahmed Tinubu’s clear focus on domestic investment,” Dr Oduwole stated, referencing the recently held Domestic Investment Summit.
“Today, we are gathered at the invitation of Alhaji Aliko Dangote, a leading investor who has committed an extraordinary amount of resources to Nigeria’s development,” she added.
Dr Oduwole hailed the Dangote Refinery as a monumental undertaking, acknowledging that even governments often shy away from projects of such immense scale.
She stressed that the administration is demonstrating tangible support for domestic investors by taking practical steps to alleviate constraints and foster sustained growth.
“He has taken on a project of such magnitude, one that even governments often hesitate to undertake. As an administration, we do not take this lightly.
“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. That is why we have dedicated an entire day to immersing ourselves in this project, the Dangote Refinery,” she maintained.
The Minister concluded by emphasising the Federal Government’s continuous engagement with stakeholders and ongoing review of regulatory and legislative frameworks, all aimed at reducing business costs and stimulating robust industrial development across the nation.
All rights reserved. The content on this website, including text and other digital materials, may not be reproduced, published, broadcast, rewritten, or redistributed, in whole or in part, without the express written consent of The News Accelerator Network.
For advertising inquiries, news coverage, or press releases, please get in touch with us at
📧 thenewsacce
leratornetwork@gmail.com
📞 0805 101 7159, 0814 404 8512.
Post a Comment