Chairman of the Dangote Group, Aliko Dangote, has predicted strong domestic petroleum market stability following the federal government’s intervention in crude supply efficiency to local refineries.
Commending President Bola Tinubu’s efforts to address crude supply challenges to domestic refineries, Dangote praised the Naira-for-Crude initiative and the Nigeria First policy as bold and transformative steps capable of revitalising the economy.
Dangote made the remarks over the weekend during a visit by the minister of Industry, Trade and Investment, Dr Jumoke Oduwole, to the $20 billion Dangote Petroleum Refinery & Petrochemicals and Dangote Fertiliser Limited in Ibeju-Lekki, Lagos.
Dangote, has lauded President Tinubu as a listening president whose policies are restoring investor confidence in Nigeria’s economy.
“I believe we must sincerely thank 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 have the capacity to do—it is essential that crude is priced and purchased in our local currency,” he said.
He noted that these initiatives, along with other economic reforms, have brought a measure of stability to the naira-to-dollar exchange rate.
He expressed optimism that the naira would continue to strengthen in the coming weeks as the effects of the reforms become more visible.
According to him, the improved market predictability has helped investors make sound business decisions and restored confidence in the investment climate.
“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,” he said
Dangote also commended the federal government for establishing a One-Stop Shop (OSS) initiative to improve coordination among regulatory and security agencies, thereby facilitating smoother operations under the Naira-for-Crude programme.
He emphasised that the OSS had significantly reduced bottlenecks and allowed for real-time resolution of issues, in line with President Tinubu’s directive.
“The administration of 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, Zack Adedeji, who is doing an excellent job.”
The business magnate further disclosed that the refinery is set to launch a new initiative involving the deployment of 4,000 CNG (Compressed Natural Gas) tankers to distribute petroleum products more efficiently and in an environmentally friendly manner. He explained that the move would reduce logistics costs and ensure Nigerians receive products at more affordable prices, closer to their locations.
Meanwhile, the Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, reaffirmed the FG’s commitment to promoting domestic investment and 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. As you are aware, we held a Domestic Investment Summit on Monday—the first of its kind. 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 said.
Dr Oduwole hailed the refinery as a landmark project, noting that even governments shy away from initiatives of such scale. She said the administration is demonstrating real support for domestic investors by taking practical steps to reduce constraints and foster 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 added that the federal government is continuously engaging with stakeholders and reviewing regulatory and legislative frameworks to reduce business costs and stimulate industrial development.
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