President/Chief Executive of the Dangote Group, Aliko Dangote, has hailed President Bola Ahmed Tinubu, saying his policies are stabilising the foreign exchange market and strengthening the naira.
Dangote made the remarks during a visit by the Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, to the $20 billion Dangote Petroleum Refinery & Petrochemicals and Dangote Fertiliser Limited in Ibeju-Lekki, Lagos.
The FX reforms instituted by the Olayemi Cardoso-led Central Bank of Nigeria (CBN), have contributed to the significant stability seen in recent times with the naira.
Dangote, however, commended President Tinubu’s efforts at addressing the issue of crude supply challenges to domestic refineries, while describing the Naira-for-Crude initiative and the Nigeria First policy as bold and transformative steps capable of revitalising the economy faster than expected.
“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 can do—it is essential that crude is priced and purchased in our local currency,” he said.
The leading industrialist noted that these initiatives, along with other economic reforms, have brought a measure of stability to the naira-to-dollar exchange rate. He expressed optimism that the naira would continue to strengthen in the coming weeks as the effects of the reforms become more visible. According to him, the improved market predictability has helped investors make sound business decisions and restored confidence 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.
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