Aliko Dangote, Nigeria’s foremost businessman and President of Dangote Industries, has praised President Bola Ahmed Tinubu for the positive outcomes of the Naira-for-Crude swap deal. The initiative has made significant strides in improving the Nigerian economy, especially in reducing the cost of petroleum products.
In a statement, Dangote highlighted how the deal has brought about a drastic reduction in fuel prices, much to the relief of millions of Nigerians. “The Naira-for-Crude deal has been a breakthrough for Nigeria,” Dangote said. “It has not only strengthened the Naira but has also significantly lowered fuel prices for Nigerians.”
Dangote’s Price Cut Brings Relief to Nigerians
As part of this positive impact, Dangote Refinery made a major move in the retail petroleum sector. The company recently announced a reduction in the price of Premium Motor Spirit (PMS) from N970 to N899.50 per litre at its refinery loading gantry. This step is part of Dangote’s larger plan to alleviate the financial burden of rising fuel prices on Nigerians.
“We understand the hardship that high fuel prices have caused, and we want to ease that burden,” Dangote said. “Our price cut is a direct response to the challenges faced by ordinary Nigerians.”
In a bid to ensure the price reduction reaches every Nigerian, Dangote announced a strategic partnership with MRS Oil Nigeria. This collaboration will see petrol sold at N935 per litre across MRS’s retail outlets nationwide. This price has already taken effect in Lagos and is set to be extended to other parts of the country by Monday.
MRS to Distribute Discounted Petrol Nationwide
The partnership with MRS is expected to have a far-reaching impact, especially in a country like Nigeria, where the cost of fuel is a major concern for the average citizen. “We are working with MRS to ensure that Nigerians can purchase high-quality fuel at affordable prices,” Dangote stated. “This is just the beginning, and we intend to expand this effort across the country.”
The price of N935 per litre, though slightly higher than Dangote’s refinery price, will still be a major relief compared to the previous rates. The price cuts are expected to help Nigerians save money and improve their overall standard of living.
Call for More Marketers to Join the Effort
Dangote also urged other oil marketers, including the Nigerian National Petroleum Corporation (NNPC) Retail, to join this initiative. “I call on all stakeholders in the fuel distribution chain to work together with us to make high-quality petrol affordable for every Nigerian,” he said.
According to Dangote, the goal is to make quality petroleum products readily available at lower prices. “The Dangote Refinery is for Nigeria and Nigerians. Our mission is to ensure that all Nigerians have access to top-quality fuel that is good for their vehicles, their health, and their wallets,” he added.
The Naira-for-Crude Deal: A Turning Point for Nigeria’s Economy
The Naira-for-Crude deal was officially launched on October 1, following an approval from the Federal Executive Council (FEC). This deal enables the sale of Nigerian crude oil to local refineries in exchange for the purchase of petroleum products in Naira. The initiative was designed to reduce pressure on the dollar and help stabilise the value of the Naira.
Since its implementation, the exchange rate of the Naira has improved, with less demand for foreign currency to import fuel. The move has also led to a reduction in the cost of petrol and other petroleum products in the country.
This policy has been hailed as a long-term solution to Nigeria’s foreign exchange challenges, especially in the oil sector. The federal government’s decision to prioritise domestic refining is seen as a step towards reducing the nation’s dependency on imported fuel.
A Vision for the Future of Nigeria’s Fuel Industry
Dangote’s praise for the government extends to its efforts in supporting the domestic refining industry. “The government has created a supportive environment for companies like Dangote Refinery to flourish. We are committed to using our refinery to meet the fuel needs of Nigerians,” Dangote said.
He also promised to keep working with other stakeholders to provide high-quality petrol at affordable rates. “The Dangote Refinery is here for the long term,” Dangote added. “We will continue to support Nigeria’s development by ensuring that Nigerians have access to affordable, high-quality fuel.”
The Dangote Refinery, one of the largest in Africa, is expected to play a crucial role in reducing Nigeria’s reliance on fuel imports. Once fully operational, the refinery is expected to produce enough refined products to meet domestic demand and even export to other countries.
