The President of Dangote Group, Alhaji Aliko Dangote, has attributed the recent drop in fuel prices to the Federal Government’s naira-for-crude oil policy, describing it as a game-changing initiative that has boosted the availability and affordability of petroleum products in the country.
Dangote made the remark on Thursday during President Bola Ahmed Tinubu’s visit to the Dangote Refinery in Lagos, where the President flagged off the reconstruction of the deep-sea port access road linking Epe and Ijebu-Ode.
Highlighting the impact of the policy, Dangote said: “One of your administration’s most transformative initiatives is the historic naira-for-crude policy, which stands out as a clear testament to your commitment to economic recovery and national sovereignty.”
He explained that the policy has enabled the Dangote Petroleum Refinery to consistently reduce prices of refined products, while ensuring steady supply to the domestic market.
“Your Excellency, some Nigerians may feel that petrol sold below N900 is high, but when compared to the rest of West Africa where the same litre goes for over $1 – that is about N1,600 – the difference is significant,” Dangote said.
He added that the initiative has also played a vital role in stabilising the prices of diesel, jet fuel, LPG, and polypropylene — all of which have dropped to some of the lowest levels in recent years.
According to him, this price stability is contributing to the strengthening of the naira and supporting national economic planning and business confidence.
Dangote also threw his weight behind the newly introduced ‘Nigeria First Policy’ aimed at reducing dependence on imports by encouraging local production and patronage.
“This aligns with our vision of producing what we consume. Importation means importing poverty and exporting jobs,” he said.
The naira-for-crude initiative was officially launched on October 1, 2024, following a directive by the Federal Executive Council, allowing the Nigerian National Petroleum Company Limited (NNPC) to sell crude oil to domestic refineries, including Dangote’s, in the local currency.
However, the policy has not been without hiccups. In March 2025, TheCable reported that NNPC had paused the arrangement due to forward-selling obligations until 2030, prompting Dangote Refinery to temporarily halt naira-based sales to avoid a mismatch between crude procurement and product revenue.
But by April, the Federal Government reaffirmed its commitment to the policy and assured stakeholders that it would continue after the completion of the first phase in March.
Finance Minister Wale Edun also promised further clarification on the implementation of the policy.
Despite the brief setbacks, Dangote expressed optimism that the continuity of the naira-for-crude deal will further strengthen Nigeria’s economic resilience and energy security.
The Dangote Refinery, with a capacity of 650,000 barrels per day, is the largest single-train refinery in the world and has been touted as a key pillar in the government’s drive for self-sufficiency in fuel production.
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