Market News
Sell petrol in naira to African countries, group tells FG * PUNCH
A pro-democracy group, Kwara Must Change, has called on the Federal Government to collaborate with the Dangote Group to sell its products, particularly petroleum, to African countries in naira.
In a statement made available to PUNCH on Sunday, the Convener of Kwara Must Change, Abdulrazaq Hamzat, emphasised the need for Nigeria to leverage the Dangote refinery for regional benefits.
Hamzat explained that this proposal is aligned with a broader vision to promote the Nigerian currency across the continent.
He said, “This landmark achievement of Dangote should not only serve Nigeria’s national interest but also its regional interest. Only countries in Europe, Asia, and America should purchase the products in dollars.
By doing this, we could potentially strengthen the naira’s value and influence in regional trade, reducing our reliance on the U.S. dollar.”
He further argued, “Rather than chase foreign exchange, particularly the U.S. dollar, we should focus on making others seek the naira. This would have a much broader impact on our economy.”
Hamzat asserted that if the Federal Government implements this strategy, it could create a more favourable business environment for Nigerian industries, promote regional economic integration, and reduce dependence on foreign currencies.
“This move could help stabilize the naira and encourage other African nations to adopt similar strategies for regional trade,” he added.
Recalling the recent policy, Hamzat noted, “It should be remembered that the FG has approved the purchase of crude oil in naira for the Dangote refinery and others in Nigeria. This means the refinery’s obligations in foreign currency will be minimized, making this initiative achievable.”
Kwara Must Change urged both the government and the Dangote Group to consider this proposal, stating, “We believe this aligns with Nigeria’s overall interest.”
