Aliko Dangote, the founder of the Dangote Group, praised President Bola Tinubu for his policies that have restored investor confidence in the country’s economy.
The Minister of Industry, Trade, and Investment, Dr. Jumoke Oduwole, visited the $ 20 billion Dangote Petroleum Refinery &, Petrochemicals, and Dangote Fertiliser Limited in Ibeju-Lekki, Lagos, over the weekend to make the remarks.
Dangote praised President Tinubu’s efforts to address domestic refineries’ limited ability to produce crude oil and the Nigeria First policy as bold and innovative steps that can resurrect the economy.
“I think we must express our sincere gratitude to His Excellency, President Bola Ahmed Tinubu, for ensuring improvements in the supply of crude oil. Particularly commendable is his insistance that all transactions involving crude oil be conducted in naira. It is crucial that crude is priced and purchased in our local currency, he said, in order for us to effectively meet market demand, which we have the capacity to do.
He expressed hope that the naira would continue to rise in the coming weeks as the effects of the reforms become more clearly visible, noting that these initiatives have, along with other economic reforms, contributed a certain degree to stability to the naira-dollar exchange rate.
He claims that investors now have confidence in the investment climate and that the improved market predictability has enabled them to make wise business decisions.
The naira-to-dollar exchange rate is beginning to stabilize, which is good news. The market is now more predictable because of the lower fluctuation.
This development, which enables us to plan more effectively, is welcomed by those in the business sector. We can anticipate a more favorable exchange rate as market conditions improve, he said.
Read more about GDP: Happy Statistics, Happy Nigerians, Rewane claims.
Dangote also praised the Federal Government’s decision to establish a One-Stop Shop (OSS) initiative to improve coordination between regulatory and security organizations and facilitate smoother operations under the Naira-for-Crude program.
According to President Tinubu’s directive, he emphasized that the OSS had significantly lowered bottlenecks and allowed for real-time resolution of issues.
The One-Stop Shop is being run by His Excellency, President Bola Ahmed Tinubu. I have faith that the government will use this model, particularly to streamline the clearing of goods, which is a crucial business activity.
“We are not having any significant loading issues right now. The Navy, NIMASA, NPA, and other relevant organizations have all been combined under one roof. Efficiency has greatly improved as a result of this coordination. The Chairman of the Technical Committee, Mr. Zack Adedeji, who is doing a fantastic job, leads the charge when issues arise.
The refinery is also set to install 4, 000 compressed natural gas (CNG) tankers in an effort to distribute petroleum products more effectively and responsibly, according to the business magnate.
Source: Channels TV
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