Tinubu’s Crude Oil Policies Are Strengthening the Naira — Dangote

Aliko Dangote, President of Dangote Group, has praised President Bola Ahmed Tinubu’s crude oil policies, stating they are playing a pivotal role in strengthening the naira and enhancing overall market stability. Speaking during the visit of Jumoke Oduwole, Minister of Industry, Trade and Investment, to the Dangote Petroleum Refinery and Dangote Fertiliser Limited in Lekki, Lagos, Dangote described the administration’s economic reforms as bold and transformative.

Dangote highlighted the impact of the naira-for-crude initiative and the ‘Nigeria First’ policy, commending Tinubu’s efforts to ensure consistent crude oil supply to domestic refineries. “His insistence that all crude oil transactions be conducted in naira has been particularly commendable,” Dangote said. “For us to effectively meet market demand—which we can do—it is essential that crude is priced and purchased in our local currency.”

According to the industrialist, these reforms are already contributing to foreign exchange stability and are fostering a more predictable business environment. He expressed confidence that the naira will continue to appreciate in the coming weeks, citing reduced currency fluctuations and improved planning capacity for businesses. “We are also beginning to see some stability in the naira-to-dollar exchange rate. There is now less fluctuation, and this has brought a degree of predictability to the market,” he added.

Dangote also applauded the government’s One-Stop Shop (OSS) initiative, aimed at streamlining regulatory oversight and improving coordination among agencies such as the Navy, NIMASA, and the NPA. He credited the initiative with eliminating major operational delays and ensuring faster resolution of challenges, particularly under the naira-for-crude programme. “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 said.

During the visit, Minister Oduwole described the refinery as a landmark project of unprecedented scale and impact, noting that such ventures are typically beyond the scope of government undertakings. She reaffirmed the administration’s support for local investors and its commitment to easing business operations across sectors.

“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,” Oduwole said. “Our support is not limited to words; we are demonstrating our commitment through action.”

The minister added that the federal government is in continuous consultation with stakeholders and is reassessing regulatory frameworks to reduce the cost of doing business and promote sustainable industrial growth.