Market News

By : Waliat Musa

FG pledges support for local investors

President of Dangote Group, Aliko Dangote, has described President Bola Tinubu as a “listening President” whose policy direction is reviving investor confidence in Nigeria’s struggling economy and addressing long-standing crude supply bottlenecks.   

This was as the Federal Government reiterated its commitment to tackling domestic investment bottlenecks and strengthening private sector-led development.    Dangote made the remarks over the weekend when the Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, paid a working visit to the Dangote Petroleum Refinery & Petrochemicals as well as Dangote Fertiliser Limited in Ibeju-Lekki, Lagos.   

He applauded the Federal Government’s recent interventions aimed at easing crude oil supply to local refineries, particularly commending the Naira-for-Crude initiative and Nigeria First policy as bold and transformative efforts.    

“I believe we must sincerely thank President Tinubu for ensuring improvements in the supply of crude oil. His insistence that all crude oil transactions be conducted in naira has been particularly commendable.

For us to effectively meet market demand, which we have the capacity to do, it is essential that crude is priced and purchased in our local currency,” he said.    

The industrialist explained that such measures, alongside broader economic reforms, were gradually stabilising the foreign exchange market and restoring predictability.    “We are also beginning to see some stability in the naira-to-dollar exchange rate, which has had a positive impact. 

There is now less fluctuation, and this has brought a degree of predictability to the market. For those of us in the business sector, this is a welcome development, as it allows us to plan more effectively.

Looking ahead, as market conditions continue to improve, we can expect to see a more favourable exchange rate,” he added.    Dangote also lauded the Federal Government for setting up a One-Stop Shop (OSS) mechanism to improve coordination among key regulatory and security agencies, which he said enabled real-time resolution of operational challenges under the Naira-for-Crude programme.    

Highlighting upcoming innovations, Dangote disclosed that the refinery is set to deploy 4,000 Compressed Natural Gas (CNG) tankers to enhance product distribution while cutting logistics costs and promoting cleaner energy use.    

Continuing, the minister stated: “We are here today as a result of Tinubu’s clear focus on domestic investment. As you are aware, we held a Domestic Investment Summit on Monday, the first of its kind. Today, we are gathered at the invitation of Dangote, a leading investor who has committed an extraordinary amount of resources to Nigeria’s development.”    

The minister, who described the Dangote Refinery as a landmark initiative of historic proportions, noted that the administration “is backing such efforts with concrete action.”     

Oduwole further stated that the Federal Government was constantly engaging with industry stakeholders to review policy, regulatory and legislative frameworks that reduce the cost of doing business and boost industrial competitiveness.