Victor EzejaPresident of Dangote Group, Alhaji Aliko Dangote, has hailed President Bola Tinubu’s administration for initiating the Naira-for-crude policy, saying that it helped in making the price of petrol cheaper in Nigeria.
Dangote revealed that the policy has enabled his $20 billion refinery to consistently reduce petrol prices and also make the product available in Nigeria.
Join our WhatsApp ChannelThe Africa’s richest man, who spoke during the commissioning of the Lekki Deep-seaport Access Road by President Tinubu on Thursday, observed that a comparison of petrol prices across the West African region shows that the product is cheaper in Nigeria.
“This bold policy has enabled us at Dangote Petroleum Refinery to reduce product prices consistently and guarantee availability for the overall benefit of Nigerians,” Dangote stated at the event.
The billionaire industrialist also highlighted the positive impact of the naira-for-crude policy on stabilizing the naira at the foreign exchange market.
“The effect of this development is the stabilisation of our currency, a critical element in economic policy and business planning,” Dangote said.
He commended the Nigeria First policy, which aims to reduce reliance on imports and prioritise local production and patronage, stressing that it aligns with the Dangote Group’s vision of scaling domestic production to promote self-sufficiency.
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While stating that such a policy is being practiced in America, Dangote observed that Nigeria is the first to adopt it in Africa.
Speaking on Dangote Group’s commitment to investing in infrastructure to support the current administration, he revealed that the company will spend about ₦900 billion on eight road infrastructure projects across the country.
“The Deep-Sea Concrete Road you’re commissioning today is just one. We are also working on roads in Borno State to link Chad and Cameroon,” he added.
On the Group’s contribution to government revenue, Dangote mentioned that in 2024 alone, the company paid about ₦402 billion in taxes, including VAT, corporate, education, and health taxes. He claimed that the company remains the highest in paying taxes in the country.
On the impact of the 650,000 barrels per day refinery, Dangote said that apart from refining petroleum products to serve Nigeria and other parts of Africa, the facility also provides critical raw materials for several industries, creating jobs and industrial growth in the region.
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“The refinery provides critical raw materials for several industries — plastics, pharmaceuticals, packaging, construction, and more. Its operations and the broader downstream value chain will generate significant employment for Nigerians,” he said.
He emphasised the need for increased synergy between the government and private sector in development, citing the Dangote Refinery as a classical example of how such collaboration can lead to not just national progress but continental prosperity.
He highlighted the achievements of Tinubu’s administration in the last two years, including petrol subsidy removal, petroleum sector deregulation, the CNG initiative, foreign exchange harmonisation, and tax reforms.
While concluding his address, Dangote described Tinubu as a “courageous leader” and pledged that the main road leading into the refinery will be renamed “Bola Ahmed Tinubu Road” to honour the Nigerian leader.
Victor Ezeja is a passionate journalist with seven years of experience writing on economy, politics and energy. He holds a Master's degree in Mass Communication.
