Dangote Commends Tinubu for Positive Impact of Naira-for-Crude Swap Deal on Nigeria's Economy

Aliko Dangote, the founder of Dangote Group, has publicly praised President Bola Tinubu for the positive effects of the naira-for-crude swap deal on Nigeria's economy. This initiative, which allows local refineries to purchase crude oil in naira and sell refined products domestically, has reportedly led to a decrease in the prices of petroleum products across the country.

In a statement issued on December 21, 2024, Dangote noted that the policy has alleviated pressure on the foreign exchange market and contributed to stabilizing the naira. He highlighted that his refinery has reduced the price of Premium Motor Spirit (PMS) from N970 to N899.50 per litre for marketers and has partnered with MRS Oil Nigeria Plc to retail petrol at N935 per litre nationwide, starting from December 23, 2024. 

Dangote emphasized the importance of ensuring that these price reductions benefit consumers directly and called on other oil marketers to collaborate with his refinery to provide high-quality petrol at lower prices. He reiterated that the Dangote Refinery aims to serve Nigerians by making quality petroleum products more accessible and affordable.