Aliko Dangote, President of Dangote Industries Limited, has praised the implementation of the crude-for-naira deal.
This initiative, approved in September allows local refineries to purchase crude oil using naira, thereby reducing reliance on the dollar and stabilizing Nigeria's local currency.
Dangote highlighted the positive outcomes of this policy, noting a substantial decrease in petroleum product prices across the country.
"The Dangote Refinery is for the benefit of Nigeria and Nigerians," he stated. "We will therefore continue to work with various value chain players to deliver high-quality petrol at cheaper prices."
The crude-for-naira deal, which commenced on October 1, has not only alleviated pressure on the dollar but also ensured the stability of the naira.
As a result, Dangote Refinery announced a reduction in its ex-depot petrol price from N970 to N899.50 per litre, marking a significant relief for consumers nationwide.
Dangote expressed gratitude to Nigerians for their unwavering support and commended the government for fostering an enabling environment for the domestic refining industry. "Our aim is for all Nigerians to have ready access to high-quality petroleum products that are good for their vehicles, good for their health, and good for their pockets," he added.
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