Africa’s richest man and President of Dangote Group, Aliko Dangote, has commended President Bola Ahmed Tinubu’s economic reforms, saying they are rekindling investor confidence and stimulating growth in Nigeria’s private sector.
Dangote made this known over the weekend when the Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, visited the $20 billion Dangote Petroleum Refinery and Fertiliser Plant in Ibeju-Lekki, Lagos.
Describing President Tinubu as a “listening leader,” Dangote lauded key policy moves such as the “Naira-for-Crude” initiative and the “Nigeria First” strategy, which he said have significantly improved crude oil supply to domestic refineries and introduced greater stability into the foreign exchange market.
> “For us to meet market demand, which we have the capacity to do, it is critical that crude is sold in our local currency,” Dangote said. “The Naira-for-Crude policy is bold and commendable. It gives refineries like ours the chance to operate efficiently and offer Nigerians better value.”
He added that the recent FX policy shifts have started yielding results, noting a gradual but steady stabilisation in the naira-to-dollar exchange rate.
>Mommy. “Market predictability is returning, and that is crucial for long-term business planning,” he said. “As confidence grows, we expect to see further improvement in the value of the naira.”
The billionaire industrialist also applauded the Federal Government’s creation of a One-Stop Shop (OSS) that integrates regulatory and security agencies for faster resolution of business bottlenecks. He highlighted the positive impact of the OSS in facilitating the efficient operation of the refinery.
> “We now have the Navy, NIMASA, NPA and others working together under one roof,” he explained. “This level of coordination has enhanced our operations, particularly the loading and distribution of refined products.”
Dangote also unveiled plans to deploy 4,000 Compressed Natural Gas (CNG) tankers, which he said would reduce transportation costs and promote cleaner energy use across Nigeria.
“The move is part of our efforts to deliver petroleum products more efficiently and affordably to Nigerians,” he noted.
On her part, Trade Minister Oduwole expressed the Federal Government’s commitment to domestic investment, describing the Dangote Refinery as a “national asset of monumental scale.”
“This project is so massive that even governments shy away from such undertakings,” she said. “We are here to show the administration’s practical support for Nigerian investors who are taking bold steps to grow our economy.”
Oduwole, who led a delegation of senior ministry officials on the tour, said the Tinubu administration is actively reviewing regulations and legislation to ease the cost of doing business in Nigeria.
“Our support is not rhetorical,” she added. “We are working to reduce constraints, promote industrial development, and ensure local investors like Alhaji Dangote are empowered to thrive.”
She reiterated that the government’s focus on local content and domestic investment would remain central to its industrial policy agenda.
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