Aliko Dangote Applauds Tinubu’s Naira-for-Crude Swap Deal, Reduces Petrol Prices to Ease Economic Pressure
Nigeria’s leading entrepreneur and President of Dangote Industries Limited, Aliko Dangote, has lauded President Bola Ahmed Tinubu’s administration for the successful implementation of the naira-for-crude swap deal, which he described as a transformative policy for the Nigerian economy.
The initiative, approved by the Federal Executive Council (FEC) in September and launched on October 1, has not only eased pressure on the dollar but also stabilised the local currency.
According to him, the policy has also paved the way for a significant reduction in the prices of petroleum products across the country.
In line with this, Dangote recently announced a price slash for Premium Motor Spirit (PMS), reducing the cost from N970 to N899.50 at the Dangote Refinery loading gantry.
Speaking on the price reduction, Dangote disclosed that his company had partnered with MRS to ensure the benefits reached end consumers.
“To ensure that this price reduction gets to the end consumer, we have signed a partnership with MRS to sell petrol from its retail outlets nationwide at N935 per litre,” he stated.
He further revealed that the reduced price had already been implemented in Lagos, with plans to roll it out across the country starting Monday.
Dangote also extended a call to other marketers, including NNPC Retail and other major players in the oil marketing sector, urging them to collaborate in providing affordable, high-quality petroleum products.
“The Dangote Refinery is for the benefit of Nigeria and Nigerians. We will therefore continue to work with various value chain players to deliver high-quality petrol at cheaper prices,” he emphasised.
He underscored the refinery’s commitment to ensuring that Nigerians have easy access to affordable fuel that is not only beneficial for their vehicles but also for their health and finances.
Reflecting on the naira-for-crude swap deal, Dangote praised the government for its foresight in creating an enabling environment for domestic refining.
He also expressed gratitude to Nigerians for their unwavering support.
The naira-for-crude policy represents a bold step in enhancing local refining capacity, reducing reliance on foreign exchange for crude imports, and fostering stability in the Nigerian petroleum industry.
As the policy gains traction, stakeholders are optimistic about its long-term benefits for the economy and the populace.
