President and Chief Executive of the Dangote Group, Aliko Dangote, has described President Bola Ahmed Tinubu as a responsive leader whose economic policies are rebuilding private investors’ trust in Nigeria’s business environment.
Dangote made the remarks over the weekend 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.
Commending Tinubu’s efforts to resolve crude oil supply issues affecting domestic refineries, Dangote praised the Naira-for-Crude initiative and the Nigeria First policy as bold measures capable of reviving the economy faster than anticipated.
“I believe we must sincerely thank His Excellency, President Bola Ahmed Tinubu, for ensuring 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,” Dangote said.
He explained that these initiatives, alongside wider economic reforms, have brought a measure of stability to the naira-to-dollar exchange rate and increased market predictability, allowing businesses to plan effectively. He expressed confidence that the naira would continue to strengthen as the effects of the reforms become more visible.
“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 welcomed the Federal Government’s establishment of a One-Stop Shop (OSS) initiative to improve coordination among regulatory and security agencies, easing operations under the Naira-for-Crude programme. He said the OSS has significantly reduced bureaucratic hurdles and facilitated the swift resolution of operational issues, in line with President Tinubu’s directives.
“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 industrialist further disclosed that the refinery is set to roll out 4,000 Compressed Natural Gas (CNG) tankers to distribute petroleum products more efficiently and sustainably. He said the move would reduce logistics costs and bring products closer to consumers at more affordable prices.
Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, reaffirmed the Federal Government’s commitment to promoting domestic investment and tackling challenges faced by local businesses.
“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 hailed the refinery as a landmark project, noting that even governments often shy away from ventures of such scale. She emphasised that the administration is demonstrating genuine support for domestic investors by actively reducing constraints and fostering 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 added that the government is constantly engaging with stakeholders and reviewing regulatory and legislative frameworks to reduce business costs and stimulate industrial growth.
