Dangote Praises Tinubu’s Economic Reforms
…Citing Improved Investor Confidence and Naira Stability
By Patience Ikpeme
Aliko Dangote, President and Chief Executive of Dangote Group, has praised President Bola Ahmed Tinubu, describing him as a listening president whose policies are successfully restoring private investors’ confidence in Nigeria’s economy.
Dangote made these remarks over the weekend during a visit by the Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, to the expansive $20 billion Dangote Petroleum Refinery & Petrochemicals and Dangote Fertiliser Limited complex in Ibeju-Lekki, Lagos.
Commending President Tinubu’s dedication to resolving crude supply challenges faced by domestic refineries, Dangote spoke highly of the Naira-for-Crude initiative and the Nigeria First policy, calling them bold and transformative steps that could revitalize the economy more rapidly than anticipated.
“I believe we must sincerely thank His Excellency, President Bola Ahmed Tinubu, for ensuring that there have been improvements in the supply of crude oil. His insistence that all crude oil transactions be conducted in naira has been particularly commendable. For us to effectively meet market demand—which we have the capacity to do—it is essential that crude is priced and purchased in our local currency,” he stated.
The leading industrialist observed that these initiatives, coupled with other ongoing economic reforms, have introduced a measure of stability to the naira-to-dollar exchange rate. He expressed optimism that the naira would continue to gain strength in the coming weeks as the full impact of the reforms becomes more apparent.
According to Dangote, the improved market predictability resulting from these measures has enabled investors to make sound business decisions and has rebuilt trust in the investment climate. “We are also beginning to see some stability in the naira-to-dollar exchange rate, which has had a positive impact.
There is now less fluctuation, and this has brought a degree of predictability to the market. For those of us in the business sector, this is a welcome development, as it allows us to plan more effectively. Looking ahead, as market conditions continue to improve, we can expect to see a more favourable exchange rate,” he said.
Dangote also commended the Federal Government for establishing a One-Stop Shop (OSS) initiative. This initiative is designed to improve coordination among regulatory and security agencies, thereby streamlining operations under the Naira-for-Crude programme. He explained that the OSS has significantly reduced bureaucratic hurdles and allows for real-time resolution of issues, aligning with President Tinubu’s directive.
“The administration of His Excellency, President Bola Ahmed Tinubu, has established a One-Stop Shop that is working diligently. I am confident that the government intends to replicate this model in other sectors, particularly to streamline the clearing of goods—an essential area of business. At present, we are not experiencing any significant issues with loading. All the relevant agencies have been brought together under one roof, including the Navy, NIMASA, NPA, and others. This coordination has greatly improved efficiency. 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.”
The business magnate further disclosed that the refinery is poised to launch a new initiative that involves deploying 4,000 Compressed Natural Gas (CNG) tankers. This move aims to distribute petroleum products more efficiently and in an environmentally friendly manner. He explained that this step would reduce logistics costs and ensure that Nigerians receive products at more affordable prices, delivered closer to their locations.
Meanwhile, the Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, conveyed the Federal Government’s commitment to fostering domestic investment and addressing the challenges faced by local investors. “We are here today as a result of President Bola Ahmed Tinubu’s clear focus on domestic investment. As you are aware, we held a Domestic Investment Summit on Monday—the first of its kind. Today, we are gathered at the invitation of Alhaji Aliko Dangote, a leading investor who has committed an extraordinary amount of resources to Nigeria’s development,” she said.
Dr. Oduwole described the refinery as a landmark project, noting that even governments typically avoid initiatives of such immense scale. She stated that the administration is demonstrating tangible support for domestic investors by taking practical steps to reduce constraints and encourage growth.
“He has taken on a project of such magnitude—one that even governments often hesitate to undertake. As an administration, we do not take this lightly. 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. Our support is not limited to words; we are demonstrating our commitment through action.
We are encouraging other domestic investors by recognising and backing those, like Alhaji Dangote, who put Nigeria first. This is not mere rhetoric—our time, attention, and effort are fully aligned with our priorities. That is why we have dedicated an entire day to immersing ourselves in this project—the Dangote Refinery.” She also added that the Federal Government is continuously engaging with stakeholders and reviewing regulatory and legislative frameworks to reduce business costs and stimulate industrial development.
