The president of the Dangote Group, Aliko Dangote, said the naira-for-crude policy has allowed his refinery to consistently lower product prices, ensuring steady availability for the benefit of Nigerians.

He made these disclosure during President Bola Tinubu’s visit to the refinery on Thursday, when the president also launched the reconstruction of the deep-sea port access road connecting Epe and Ijebu-Ode.

He called the policy the government’s “most transformative initiative” to date.

“On your administration’s most transformative initiatives is the historic Naira-for-crude policy, which stands out as a clear testament to your administration’s commitment to economic recovery and national sovereignty,” Dangote said.

“On your administration’s most transformative initiatives is the historic Naira-for-crude policy, which stands out as a clear testament to your administration’s commitment to economic recovery and national sovereignty,” he said.

“This bold policy has enabled us at Dangote Petroleum Refinery to reduce product prices consistently and guaranteeing availability for the overall benefit of Nigerians.

“Your Excellency, I know that to some people here in Nigeria, they might think that, petrol at less than N900 is expensive, but there is nowhere in West Africa that petrol is not selling above $1, which is N1,600.

“It has actually also helped significantly in stabilising the prices of petrol, diesel, jet air, LPG, polypropylene to the lowest level.

“The effect of this development is the stabilisation of our currency, a critical element in the development of economic policy and budgeting by businesses.”

Dangote also commended the newly introduced ‘Nigeria First Policy’, which seeks to significantly cut the nation’s dependence on foreign goods and services by prioritising local products in investments, business activities, and consumer choices.

He noted that the policy aligns with the Dangote Group’s corporate vision of producing what Nigeria consumes, thereby promoting self-sufficiency and meeting the basic needs of citizens. Dangote argued that importing goods amounts to “importing poverty and exporting jobs.”

Nigeria officially began selling crude oil and refined petroleum products in naira on October 1, 2024, after the Federal Executive Council approved President Tinubu’s directive for the NNPC to supply crude to the Dangote Refinery and other domestic refineries in the local currency.