During a live interview on Arise TV, Aliko Dangote has announced that Nigeria's new "naira for crude" policy is expected to decrease the nation's demand for foreign exchange by 40%.
As Dangote celebrate the commencement of his petrol production at the his refinery in Lagos, he expressed gratitude towards the Nigerian populace and President Tinubu for fostering an environment conducive to economic growth and energy accessibility.
He emphasized the significance of the "naira for crude" initiative,that ""it will not only stabilize the Naira but also reduce the reliance on dollars"
Furthermore, he highlighted the refinery's capability to accurately track fuel consumption by monitoring loaded trucks and ships, which he believes will provide a clearer picture of Nigeria's actual fuel usage.
“With the refinery operational, we can pinpoint the location of trucks and monitor product consumption effectively,” he noted.
In April, the Federal Government had announced that local refineries could purchase crude oil using either naira or dollars.
In addition, it was reported that Nigeria's total crude oil and condensate reserves had risen to 37.5 billion barrels as of January 1, 2024, with a life index of 68.01 years.
The Dangote Refinery has the potential to process 650,000 barrels of oil daily a full capacity, converting more than half of that into petrol.
