Aliko Dangote, president of the Dangote Group, shared a compelling story of transformation at his refinery, thanks to the naira-for-crude policy.
Naira-For-Crude Policy Praised
Speaking during President Bola Tinubu’s visit on Thursday, Dangote revealed how this bold government initiative has helped his refinery steadily lower fuel prices, ensuring availability for the greater good of Nigerians.
Infrastructure Progress And Economic Growth
The occasion marked the launch of the reconstruction of the deep-sea port access road connecting Epe to Ijebu-Ode, a critical infrastructure project that symbolises progress.
However, it was the refinery’s success under the naira-for-crude scheme that truly caught attention.
A Transformative Government Initiative
Describing the policy as “the most transformative initiative” of the current administration, Dangote praised it as a clear sign of the government’s dedication to economic recovery and national sovereignty.
Fuel Prices And Regional Comparison
“This historic naira-for-crude policy has allowed us at Dangote Petroleum Refinery to reduce product prices consistently, thereby guaranteeing availability for the overall benefit of Nigerians,” he said.
He also acknowledged scepticism among some Nigerians who still see petrol priced under ₦900 as expensive.
Nevertheless, he pointed out that across West Africa, petrol sells for over $1—equivalent to around ₦1,600.
Stabilising Prices Across Products
Beyond cheaper fuel, Dangote explained how the policy stabilises prices of diesel, jet fuel, LPG, and polypropylene, all critical to everyday life and industry.
Read Also: Lagos To Impose ₦250,000 Fines On Environmental Offenders from July
Moreover, he emphasised the stabilisation of the naira itself, which represents a crucial factor in economic planning and business budgeting.
Support For ‘Nigeria First’ Policy
In addition, Dangote welcomed the newly launched ‘Nigeria First Policy,’ which seeks to prioritise local goods and services, thereby reducing reliance on imports.
This policy fits perfectly with the Dangote Group’s vision of self-sufficiency: producing at home what Nigerians consume.
Consequently, he argued passionately that importing goods equates to importing poverty and exporting jobs.
Implementation And Early Challenges
The government officially implemented the naira-for-crude policy on October 1, 2024, following President Tinubu’s directive for the Nigerian National Petroleum Corporation (NNPC) to sell crude oil to Dangote and other refineries in local currency.
Yet, the journey has not been without hurdles.
Supply Issues And Temporary Setbacks
By November, the refinery raised concerns about supply challenges undermining the scheme.
Then, in March, the NNPC announced that it had halted the naira-for-crude deal until 2030, having sold all its crude in advance.
Soon after, the refinery paused sales of petroleum products in naira to prevent a mismatch between their naira sales and crude purchase costs, which remain pegged to US dollars.
Government Recommitment And Future Updates
Despite these setbacks, the federal government reaffirmed in early April that it would continue the naira-for-crude deal beyond the initial phase ending on March 31.
Furthermore, Finance Minister Wale Edun promised more updates on the policy’s future in early May.
Optimism Amid Challenges
Through all this, Dangote remains optimistic.
Ultimately, his story reflects the challenges and triumphs of a nation striving for economic sovereignty and sustainable growth — one naira at a time.
