Aliko Dangote, CEO of Dangote Refineries, has revealed that the arrangement of the Federal Executive Council (FEC) to supply the refinery crude oil in local currency will slash Nigeria’s foreign exchange demand by at least 40 percent.
As of the time of filing this report, the exchange rate is circa N1600 for a dollar.
Dangote thanked the administration of President Bola Tinubu for providing such a strategy to ensure energy security in the country.
Read also: Dangote refinery breaks 28-year jinx, presents petrol sample
“I want to personally also thank Mr. President for creating this idea of Naira for Crude and also naira for the product. This will give a lot of stability for the Naira because you remove 40% of the demand for the dollars in the market. That’s not only it,” Dangote said.
“Today’s discussion is only to thank God almighty for bringing us into this period of now producing gasoline. I know that a lot of people think we won’t be able to deliver. But we’ve been able to deliver.”
Join BusinessDay whatsapp Channel, to stay up to date
Open In Whatsapp
