President Bola Tinubu has been praised for restoring investor confidence in the economy of Nigeria through his economic policies like the new tax laws, foreign exchange (FX) liberalisation, fuel subsidy removal and others.
The president of Dangote Group, Mr Aliko Dangote, said over the weekend that the Naira-for-Crude initiative and the Nigeria First policy were also bold and transformative steps of the current administration 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,” Mr Dangote said when he received the Minister of Industry, Trade and Investment, Ms Jumoke Oduwole, at the $20 billion Dangote Petroleum Refinery and Petrochemicals and Dangote Fertiliser Limited in Lagos.
The businessman also disclosed that the reforms have brought a measure of stability to the naira-to-dollar exchange rate, expressing optimism that the local currency will 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
The leading industrialist also commended the federal government for establishing a One-Stop Shop (OSS) initiative to improve coordination among regulatory and security agencies, thereby facilitating smoother operations under the Naira-for-Crude programme.
He emphasized that the OSS had significantly reduced bottlenecks and enabled the real-time resolution of issues, in line with President Tinubu’s directive.
“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,” he stated.
The business magnate further disclosed that the refinery is set to launch a new initiative involving the deployment of 4,000 CNG (Compressed Natural Gas) tankers to distribute petroleum products more efficiently and in an environmentally friendly manner. He explained that the move would reduce logistics costs and ensure Nigerians receive products at more affordable prices, closer to their locations.
On her part, the Minister reaffirmed the government’s commitment to promoting domestic investment and addressing the challenges faced by local investors.
“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 Aliko Dangote, a leading investor who has committed an extraordinary amount of resources to Nigeria’s development,” she said.
The Minister hailed the refinery as a landmark project, noting that even governments shy away from initiatives of such scale. She said the administration is demonstrating real support for domestic investors by taking practical steps to reduce constraints and foster 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,” she said.