Aliko Dangote, the CEO of Dangote Refinery, announced a game-changing strategy that could reduce Nigeria’s foreign exchange demand by at least 40 per cent.
Under the new Federal Executive Council (FEC) arrangement, Dangote refinery will receive crude oil payments in local currency instead of dollars.
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With the current exchange rate hovering around ₦1600 per dollar, this move could significantly ease the pressure on Nigeria’s foreign exchange reserves.
Dangote praised President Bola Tinubu’s administration for this innovative approach to bolster the country’s energy security.
“I want to express my gratitude to Mr. President for initiating the Naira-for-Crude and Naira-for-Product strategies,” Dangote said.
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“This will stabilise the Naira by cutting dollar demand by 40%. But that’s not all.”
Dangote also celebrated the refinery milestone achievement in gasoline production, despite skepticism about its feasibility.
“Today, we thank God for bringing us to this point. Many doubted our ability to deliver, but we have proven them wrong,” he added.
Aliko Dangote, President of the Dangote Group, has officially unveiled the first sample of Premium Motor Spirit (petrol) produced by his refinery in Lagos.
The presentation took place on Tuesday, September 3, at the refinery’s facility in the Ibeju-Lekki area of Lagos State.
The 650,000-barrel-per-day refinery conducted a successful test run of the product.
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