Dangote hails Tinubu on impact of naira-for-crude swap deal

Aliko Dangote, President of Dangote Industries Limited, has praised President Bola Ahmed Tinubu for the economic relief brought by the crude-for-naira swap initiative.

The policy allows local refineries to purchase crude oil in naira and sell refined products locally.

In a statement on Saturday, the billionaire revealed that the strategy has not only eased pressure on the foreign exchange market but has also enhanced the availability of high-quality petroleum products at lower costs.

Dangote revealed that the refinery that recently slashed its fuel price to N970 to N899.50 for marketers has also partnered with MRS to retail PMS nationwide at N935 per litre.

He added that the reduced price has already taken effect in Lagos and will be implemented across the country starting Monday.

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The business mogul expressed gratitude to Nigerians for their support and acknowledged the government’s efforts in fostering a conducive environment for the growth of the domestic refining industry.

The statement reads partly, “To ensure that this price reduction gets to the end consumer, we have signed a partnership with MRS to sell petrol from its retail outlets nationwide at N935 per litre” he added. This price has already commenced in Lagos, and it will be offered nationwide from Monday.

“The Dangote Refinery is for the benefit of Nigeria and Nigerians. We will, therefore, continue to work with various value chain players to deliver high-quality petrol at cheaper prices. Our aim is for all Nigerians to have ready access to high-quality petroleum products that are good for their vehicles, good for their health, and good for their pockets.”

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