Aliko Dangote, head of the Dangote Group, stated yesterday that his refinery’s sale of diesel at reduced prices would help to alleviate Nigeria’s inflation problems.
He revealed this when honouring President Bola Ahmed Tinubu on Eid-el-Fitr at his residence in Lagos.
The naira exchange rate has improved recently, he stated in an interview with newsmen, falling from almost N1,900 to the dollar to the present range of between N1,250 and N1,300.
According to the National Bureau of Statistics, the inflation rate rose to 31.70 percent in February from 29.90 percent in January 2024.
He stated: “There’s a lot of improvement because, if you look at it here, one of the major challenges that we’ve had was the narrow devaluation, which has risen quite aggressively to around N1,900. However, we’re back to about N1,250 or N1,300 presently, which is a positive development.”
“As you can see, quite a few things have actually gone up. Even now, you will pay more when you go to the market for something that we manufacture locally, like flour or anything else.”
“Why? due to the extremely high costs they pay for diesel. For instance, we started selling even fuel at our refinery for N1,650 instead of N1,200. And as time goes on, I’m confident that things will continue to get better quite a bit.”
Despite the rising price of petroleum, he believes that people will not see diesel much higher than it is now.
“It could even be a little bit less than N1,200. However, that can be quite beneficial. Because you have to pay N1,650 for the transportation of locally manufactured commodities, rice, and other items. You are currently paying N1,200, or two thirds of that total. It’s quite a bit. There is significant variation. People are ignorant.”
“In fact, that may contribute to an instant reduction in inflation. And I’m sure you’ll notice that the inflation rate has improved significantly when the next month’s inflation statistics are out.”
“A step at a time, then. Additionally, he said, “I’m confident the administration is working nonstop to ensure that things get considerably better. “Because it benefits them personally. Everyone will benefit from it, including ourselves, and I just want to say thank you to everyone.”
The head of the Dangote Group asked business leaders to collaborate with the government in order to better the lives of Nigerians. “You need two hands to clap. Therefore, the government and business community must unite and ensure that this is in everyone’s best interests.
President Tinubu hailed the chairman of the Dangote Group as an industry pioneer who has strengthened Nigeria’s standing as a business-friendly country for his persistent support of the country’s emerging businesses.
In a statement released through his media advisor, Ajuri Ngelale, the president honoured Dangote, the visionary behind the biggest industrial empire in West Africa and a prominent figure in the continent’s economic community, with his loved ones.
Dangote’s numerous industrial achievements were highlighted by Tinubu, who praised his bold inventiveness and unwavering pursuit of excellence in all he did.
