Dangote Applauds Tinubu’s Reforms for Boosting Private Sector Growth

Additionally, the naira-to-dollar exchange rate is starting to stabilize, which has been beneficial. The market has become somewhat more predictable as a result of the decrease in volatility.

The president of the Dangote Group, Aliko Dangote, has praised President Bola Ahmed Tinubu for his measures that are reviving private investors’ faith in Nigeria’s economy.

Over the weekend, he made the comments while Dr. Jumoke Oduwole, Minister of Industry, Trade, and Investment, visited the $20 billion Dangote Petroleum Refinery & Petrochemicals and Dangote Fertilizer Limited in Ibeju-Lekki, Lagos.

Dangote commended the Nigeria First policy and the Naira-for-Crude plan as daring and revolutionary measures that might revive the economy more quickly than anticipated, and he commended President Tinubu’s efforts to address the problem of crude supply issues to domestic refineries.

“I think it is important to express our gratitude to His Excellency, President Bola Ahmed Tinubu, for making sure that the crude oil supply has improved. It is especially admirable that he has insisted that all transactions involving crude oil be made in naira. Crude must be priced and bought in our local currency if we are to successfully fulfill market demand, which we can do,” he stated.

The prominent industrialist observed that the naira-to-dollar exchange rate has become somewhat more stable as a result of these measures and other economic reforms. As the results of the changes became more apparent, he expressed hope that the naira will continue to appreciate in the upcoming weeks. He claims that increased market predictability has boosted trust in the investment climate and assisted investors in making wise business decisions.

Additionally, the naira-to-dollar exchange rate is starting to stabilize, which has been beneficial. The market has become somewhat more predictable as a result of the decrease in volatility.

This is a positive trend for those of us in the business sector since it makes better planning possible. We may anticipate a more favorable exchange rate in the future as market conditions continue to improve,” he stated.

In order to enhance collaboration between security and regulatory authorities and enable more seamless operations under the Naira-for-Crude program, Dangote also praised the Federal Government for launching the One-Stop Shop (OSS) initiative. He underlined that, in accordance with President Tinubu’s order, the OSS has greatly lowered bottlenecks and made it possible to resolve problems in real time.

A One-Stop Shop has been formed by His Excellency, President Bola Ahmed Tinubu’s government, and it is operating with diligence. I have no doubt that the government plans to implement this approach in other areas, especially to expedite the clearing of products, which is a crucial economic function.

“At this time, loading is not giving us any serious problems. The Navy, NIMASA, NPA, and all other pertinent agencies have been consolidated under one roof. Efficiency has been increased as a result of this collaboration. Every problem is resolved quickly under the direction of Mr. Zack Adedeji, the Technical Committee Chairman, who is performing admirably.

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The business tycoon also said that the refinery will be deploying 4,000 CNG (Compressed Natural Gas) tankers as part of a new program to distribute petroleum products more effectively and sustainably. He clarified that the action would lower logistics expenses and guarantee that Nigerians would receive goods closer to their homes and at more reasonable costs.

Dr. Jumoke Oduwole, Minister of Industry, Trade, and Investment, in the meantime, reiterated the FG’s dedication to encouraging domestic investment and resolving the difficulties encountered by regional businesses.

President Bola Ahmed Tinubu’s unwavering emphasis on domestic investment is the reason we are here today. As you know, we hosted the first-ever Domestic Investment Summit on Monday. Alhaji Aliko Dangote, a prominent investor who has contributed an incredible amount of money to Nigeria’s growth, invited us to this meeting today,” she remarked.

Dr. Oduwole praised the refinery as a historic endeavor, pointing out that even governments are hesitant to take on projects of this magnitude. According to her, the administration is showing genuine support for domestic investors by implementing doable measures to ease restrictions and promote expansion.

He has taken on a project of this kind, which even governments are sometimes reluctant to take on. This is a serious matter for our administration. As a leading domestic investor and a well-known advocate for African investment internationally, we are here to fully support him.

“We are showing our commitment by taking action; our support is not just words. By praising and supporting individuals like Alhaji Dangote who prioritize Nigeria, we are inspiring more domestic investors. Our time, focus, and effort are all perfectly in line with our priorities, so this is not just empty talk.

“For this reason, we have devoted a whole day to fully focusing on this project—the Dangote Refinery.”

In order to lower business costs and promote industrial development, she continued, the Federal Government is constantly interacting with stakeholders and examining legislative and regulatory frameworks.