The naira-to-dollar exchange rate is also starting to show some consistency, which has been beneficial. The market is now somewhat more predictable because there is less volatility.
Bola Ahmed Tinubu has been praised by Aliko Dangote, the president of the Dangote Group, as a listening president whose policies are reviving private investors’ faith in Nigeria’s economy.
He said this over the weekend when Dr. Jumoke Oduwole, Minister of Industry, Trade, and Investment, visited the $20 billion Dangote Petroleum Refinery & Petrochemicals and Dangote Fertilizer Limited that is located in Ibeju-Lekki, Lagos.
Dangote commended President Tinubu’s efforts to address the problem of domestic refineries facing difficulties in obtaining crude, and he hailed the Nigeria First policy and the Naira-for-Crude proposal as daring and revolutionary measures that might revive the economy more quickly than anticipated.
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“I think we have to give His Excellency, President Bola Ahmed Tinubu, a heartfelt thank you for making sure that the crude oil supply has improved. His insistence that all transactions involving crude oil be made in naira has been especially admirable. “It is crucial that crude be priced and bought in our local currency so that we can effectively meet market demand, which we can do,” he stated.
Along with other economic reforms, the major industrialist pointed out that these actions had helped stabilize the naira-to-dollar exchange rate. He was hopeful that as the results of the changes become more apparent, the naira would continue to appreciate in the upcoming weeks. The enhanced market predictability, he claims, has reestablished confidence in the investment climate and assisted investors in making wise business transactions.
The naira-to-dollar exchange rate is also starting to show some consistency, which has been beneficial. The market is now somewhat more predictable because there is less volatility.
This is a good thing for those of us in the business world since it makes planning easier. Looking ahead, we can anticipate a more favorable exchange rate as long as market conditions keep getting better,” he said.
Dangote also praised the Federal Government for launching the One-Stop Shop (OSS) project, which aims to enhance coordination between security and regulatory agencies and make the Naira-for-Crude program run more smoothly. In accordance with President Tinubu’s direction, he underlined, the OSS has greatly lowered bottlenecks and made it possible to resolve problems in real time.
His Excellency President Bola Ahmed Tinubu’s administration has set up a One-Stop Shop, and it is operating hard. In order to expedite the clearing of goods, which is a crucial aspect of business, I am sure that the government plans to implement this concept in other areas.
We are not having any serious loading problems at the moment. These agencies, including the Navy, NIMASA, NPA, and others, have been consolidated under one roof. The efficiency of this collaboration has significantly increased. Under the direction of Mr. Zack Adedeji, the Technical Committee Chairman, who is performing admirably, problems are usually resolved quickly.
The business tycoon also said that the refinery will be deploying 4,000 CNG (Compressed Natural Gas) tankers as part of a new strategy to efficiently and environmentally distribute petroleum products. He clarified that by making the change, logistics expenses would be decreased and Nigerians would be guaranteed to receive goods closer to their homes and at lower costs.
The FG’s dedication to encouraging domestic investment and resolving the difficulties experienced by regional companies was underlined by Dr. Jumoke Oduwole, Minister of Industry, Trade, and Investment.
We’re here today because of President Bola Ahmed Tinubu’s unwavering emphasis on homegrown investment. We had the first-ever Domestic Investment Summit on Monday, as you are aware. We are here today at the request of Alhaji Aliko Dangote, a prominent investor who has made a remarkable financial commitment to Nigeria’s progress,” she remarked.
Even governments are reluctant to undertake projects of this magnitude, according to Dr. Oduwole, who praised the refinery as a historic undertaking. She claimed that by taking proactive measures to lessen restrictions and promote growth, the administration is showing genuine support for domestic investors.
Even governments are typically hesitant to take on a project of this size, but he has done it. This is not something we as an administration take lightly. We are here to fully support him as a leading domestic investor and as a well-known advocate for African investment internationally.
We are showing our commitment by taking action, not just by saying we support them. By praising and supporting those that prioritize Nigeria, like Alhaji Dangote, we are inspiring other domestic investors. Our priorities are completely in line with our time, attention, and effort, so this is not just empty talk.
We have spent the entire day immersing ourselves in this project—the Dangote Refinery—for that reason.
She further mentioned that in order to lower business expenses and promote industrial growth, the Federal Government is constantly interacting with stakeholders and examining legislative and regulatory frameworks.
