Dangote Calls for Replication of Naira-Based Transactions Across Sectors, Hails Tinubu’s Reforms

Africa’s foremost industrialist, Aliko Dangote, has urged the Federal Government to expand the Naira-for-Crude policy to other critical sectors of the economy, describing the initiative as a transformative measure that is already restoring investor confidence and stabilising Nigeria’s business environment.

Dangote made the remarks over the weekend during a facility tour of the $20 billion Dangote Petroleum Refinery & Petrochemicals and Dangote Fertiliser Limited in Ibeju-Lekki, Lagos, by the Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole.

Endorsement of Tinubu’s Reforms

Commending President Bola Tinubu, Dangote said the directive that crude oil transactions with domestic refineries be conducted in naira aligns with the administration’s “Nigeria First” policy.

He noted that the initiative has had a stabilising effect on the naira, reducing volatility in the foreign exchange market and providing a more predictable environment for business operations.

“We must sincerely thank His Excellency, President Bola Ahmed Tinubu, for ensuring improvements in crude oil supply. His insistence that all crude oil transactions be conducted in naira has been particularly commendable,” Dangote said. “We are now seeing stability in the naira-to-dollar exchange rate, which has brought predictability to the market and allows businesses to plan more effectively.”

One-Stop Shop for Crude Transactions

Dangote highlighted the successful establishment of a One-Stop Shop (OSS) designed to streamline regulatory processes for domestic crude transactions.

The initiative integrates the Nigerian Navy, NIMASA, and the Nigerian Ports Authority under one framework to reduce bureaucratic delays and expedite operations.

“At present, we are not experiencing significant issues with loading. The coordination under the OSS has greatly improved efficiency,” he added, praising the role of Mr. Zack Adedeji, Chairman of the Technical Committee, for ensuring issues are promptly addressed.

Industrial Expansion Plans

In addition to policy commendations, Dangote announced that the refinery is set to deploy 4,000 Compressed Natural Gas (CNG) tankers, aimed at reducing logistics costs, ensuring environmentally friendly transport of petroleum products, and bringing fuel closer to consumers at more affordable rates.

The refinery, which has begun operations, is positioned to meet Nigeria’s domestic fuel demand while supporting exports to regional markets, further strengthening the country’s industrial capacity.

Federal Government’s Position

Dr. Jumoke Oduwole reiterated the government’s commitment to promoting domestic investment and addressing structural challenges.

“We are here today as a result of President Bola Ahmed Tinubu’s clear focus on domestic investment. As an administration, we are determined to create a business-friendly environment through continuous stakeholder engagement and regulatory reforms,” Oduwole stated.

She described the Dangote Refinery as a landmark achievement, noting that even national governments are often hesitant to embark on projects of such scale.

Broader Implications

Analysts say the replication of the Naira-for-Crude model across other sectors could strengthen local currency use, enhance industrial productivity, and significantly reduce Nigeria’s reliance on foreign exchange.

The policy, if extended, is expected to deepen economic resilience, support local enterprises, and attract long-term investments.