Dangote Praises Tinubu’s Economic Reforms, Says President’s Policies Reviving Private Sector Confidence

Story written By Zara Reporter for springnewsng

The Founder of Dangote Group, Aliko Dangote, has commended President Bola Ahmed Tinubu for implementing economic policies that are rejuvenating the Nigerian private sector and restoring investor confidence.

Dangote gave the commendation during a weekend visit by the Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, to the $20 billion Dangote Petroleum Refinery and Dangote Fertiliser Limited in Ibeju-Lekki, Lagos. The visit highlights the federal government’s renewed focus on promoting domestic investments.

According to a statement by the Dangote Group, the business mogul described President Tinubu as a “listening leader” whose interventions—especially the “Naira-for-Crude” policy and the “Nigeria First” initiative—are stabilizing the economy and addressing long-standing supply chain constraints.

“I believe we must sincerely thank President Bola Ahmed Tinubu for improving crude oil supply to local refineries. His directive for crude oil transactions to be settled in naira is commendable and essential for self-sufficiency in refining,” Dangote stated.

He added that these policies are helping to reduce fluctuations in the naira-to-dollar exchange rate, providing much-needed predictability for businesses.

“With the increased market stability, we can make better investment decisions and plan effectively. The business environment is showing signs of recovery, and we’re optimistic that the naira will continue to strengthen as these reforms take hold,” he said.

Dangote also praised the establishment of a One-Stop Shop (OSS) for regulatory and security agencies involved in the Naira-for-Crude initiative. He said the OSS model has eliminated operational delays and improved real-time problem-solving under the oversight of Mr. Zacch Adedeji, Chairman of the Technical Committee.

“We are seeing faster coordination and efficiency. Agencies such as the Navy, NIMASA, and NPA now work in sync, ensuring smooth operations for our refinery and logistics,” he explained.

As part of efforts to lower fuel distribution costs and reduce environmental impact, Dangote revealed the company will deploy 4,000 Compressed Natural Gas (CNG)-powered trucks across Nigeria. The move, he noted, will ensure cheaper and more accessible fuel delivery across the country.

In her remarks, Minister Jumoke Oduwole reaffirmed the federal government’s dedication to encouraging domestic investors. She described the Dangote Refinery as a transformative project that even governments would hesitate to undertake.

“Alhaji Dangote has committed billions to Nigeria’s development. Our presence here shows the administration’s unwavering support for domestic investors. We are backing our words with concrete action,” she said.

Oduwole added that the government is actively reviewing regulations and policies to remove business bottlenecks and promote industrial growth. She emphasized that initiatives like the Domestic Investment Summit, held earlier in the week, are part of broader efforts to drive local investment.

Meanwhile, the Dangote Petroleum Refinery has announced the arrival of 4,000 brand-new CNG-powered trucks in Lagos. The vehicles, which were delivered over the weekend, are part of the company’s strategic plan to directly distribute refined products across Nigeria starting August 15.

A video shared on the Dangote Group’s official X (formerly Twitter) page showed cranes offloading the trucks, followed by drone footage of hundreds of vehicles neatly lined up for deployment.

“We are excited to receive 4,000 brand-new CNG trucks as part of our commitment to cleaner energy and efficient fuel distribution across Nigeria,” the company stated.

The refinery plans to directly supply 65 million litres of refined petroleum products daily, including 45 million litres of Premium Motor Spirit (PMS), 15 million litres of diesel, and 5 million litres of aviation fuel.

However, some oil marketers and retailers have raised concerns that Dangote’s direct-to-consumer strategy could marginalize smaller players and lead to job losses.

Despite this, industry analysts say the Dangote Refinery’s integrated model could play a pivotal role in transforming Nigeria’s downstream sector and advancing the government’s energy transition goals.