Billionaire industrialist Aliko Dangote has praised the Nigerian government’s push to trade crude oil in naira, calling it a game-changer that’s helping to restore investor confidence and bring stability to the country’s foreign exchange market.
Dangote made the comments during a working visit by Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, to his refinery and fertilizer facilities in Ibeju-Lekki, Lagos. The visit follows a series of policy reforms by President Bola Tinubu’s administration aimed at easing local crude oil access for domestic refineries and promoting private sector growth.
Highlighting the impact of the Naira-for-Crude policy, Dangote described it as a bold step that has started to address long-standing supply hurdles. “Being able to price and pay for crude oil in our local currency is not just symbolic—it’s a practical move that strengthens our economy,” he said.
He also pointed to the early signs of exchange rate stability, noting that reduced volatility in the naira-dollar rate has made financial planning easier for businesses. “With more predictable market conditions, companies like ours can make long-term decisions with greater confidence,” he added.
In addition to the crude oil reforms, Dangote commended the government’s efforts to streamline regulation through the establishment of a One-Stop Shop (OSS) for key agencies, which he said was helping resolve operational challenges more efficiently.
Looking ahead, the business mogul revealed that the refinery is preparing to roll out 4,000 CNG-powered tankers—a move aimed at cutting logistics costs and promoting cleaner fuel alternatives for distribution across the country.
Minister Oduwole, who described the refinery as a “landmark project,” reiterated the administration’s commitment to creating a business-friendly environment. She said the government is actively reviewing policies and regulations to lower the cost of doing business and enhance Nigeria’s competitiveness.
“Our visit today is a reflection of the President’s focus on strengthening domestic investment. Investors like Dangote are leading the way, and we’re matching that commitment with strong government backing,” Oduwole said.
She also noted that the recent Domestic Investment Summit was just one of several steps the government is taking to deepen engagement with the private sector.
The visit comes at a time when the Tinubu administration is stepping up efforts to boost industrial growth and reduce Nigeria’s dependence on imported refined products.
