… FG Committed to Domestic Investors – Trade Minister
President/Chief Executive of Dangote Group, Aliko Dangote has hailed President Bola Ahmed Tinubu as a listening president whose insurance policies are restoring personal buyers confidence in Nigeria’s economic system.
Dangote made the remarks over the weekend throughout a go to by the Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, to the $20 billion Dangote Petroleum Refinery & Petrochemicals and Dangote Fertiliser Limited in Ibeju-Lekki, Lagos.
Commending President Tinubu’s efforts at addressing the problem of crude provide challenges to home refineries, Dangote praised the Naira-for-Crude initiative and the Nigeria First coverage as daring and transformative steps able to revitalising the economic system quicker than anticipated.
“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 have the capacity to do—it is essential that crude is priced and purchased in our local currency,” he stated.
The main industrialist famous that these initiatives, together with different {economic} reforms, have introduced a measure of stability to the naira-to-dollar change charge. He expressed optimism that the naira would proceed to strengthen within the coming weeks as the results of the reforms change into extra seen. According to him, the improved market predictability has helped buyers make sound enterprise selections and restored confidence within the funding local weather.
“We are additionally starting to see some stability within the naira-to-dollar change charge, which has had a optimistic influence. There is now much less fluctuation, and this has introduced a level 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 stated
Dangote additionally counseled the Federal Government for establishing a One-Stop Shop (OSS) initiative to enhance coordination amongst regulatory and safety businesses, thereby facilitating smoother operations underneath the Naira-for-Crude programme. He emphasised that the OSS had considerably decreased bottlenecks and allowed for real-time decision of points, according to President Tinubu’s directive.
“The administration of His Excellency, President Bola Ahmed Tinubu, has established a One-Stop Shop that’s working diligently. I’m assured that the federal government intends to copy this mannequin in different sectors, notably to streamline the clearing of products—a vital space of enterprise.
“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.”
The enterprise magnate additional disclosed that the refinery is about to launch a brand new initiative involving the deployment of 4,000 CNG (Compressed Natural Gas) tankers to distribute petroleum merchandise extra effectively and in an environmentally pleasant method. He defined that the transfer would cut back logistics prices and guarantee Nigerians obtain merchandise at extra reasonably priced costs, nearer to their areas.
Meanwhile, the Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, reaffirmed the FG’s dedication to selling home funding and addressing the challenges confronted by native buyers.
“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 Alhaji Aliko Dangote, a leading investor who has committed an extraordinary amount of resources to Nigeria’s development,” she stated.
Dr Oduwole hailed the refinery as a landmark challenge, noting that even governments draw back from initiatives of such scale. She stated the administration is demonstrating actual help for home buyers by taking sensible steps to cut back constraints and foster progress.
“He has taken on a challenge of such magnitude—one which even governments usually hesitate to undertake. As an administration, we don’t take this calmly. We are right here to indicate our full help for him, each as a foremost home investor and as a distinguished champion of African funding on the worldwide stage.
“Our help will not be restricted to phrases; we’re demonstrating our dedication by means of motion. We are encouraging different home buyers by recognising and backing these, like Alhaji Dangote, who put Nigeria first. This will not be mere rhetoric—our time, consideration, and energy are totally aligned with our priorities.
“That is why we have dedicated an entire day to immersing ourselves in this project—the Dangote Refinery.”
She added that the Federal Government is constantly participating with stakeholders and reviewing regulatory and legislative frameworks to cut back enterprise prices and stimulate industrial improvement.
