…Trade Minister Reaffirms FG's Commitment to Domestic Investors
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| L–R: Vice President, Oil and Gas, Dangote Industries Ltd, Devakumar Edwin; President/CEO, Aliko Dangote; Minister Dr. Jumoke Oduwole, at the same location. |
President/Chief Executive of Dangote Group, Aliko Dangote, has commended President Bola Ahmed Tinubu as a listening and reform-driven leader whose policies are restoring investor confidence and revitalizing Nigeria’s private sector.
Dangote made these remarks over the weekend during a courtesy visit by the Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, to the $20 billion Dangote Petroleum Refinery & Petrochemicals and Dangote Fertiliser Limited in Ibeju-Lekki, Lagos.
He specifically lauded President Tinubu’s efforts in addressing crude supply challenges to domestic refineries, highlighting the Naira-for-Crude initiative and the Nigeria First policy as bold, transformative moves capable of accelerating national economic growth.
“We must sincerely thank His Excellency, President Bola Ahmed Tinubu, for improving crude oil supply. His directive that crude transactions be conducted in naira is particularly commendable. For us to meet market demand—which we have the capacity to do—it is vital that crude is priced and purchased in our local currency,” Dangote stated.
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| L–R: Managing Director/CEO, Dangote Fertiliser Limited, Vishwajit Sinha; CEO, Independent Project Monitoring Company Limited (IPMC), Robert Ade-Odiachi; President/CEO, Dangote Industries Ltd, Aliko Dangote; Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole; Vice President, Oil and Gas, Dangote Industries Ltd, Devakumar Edwin, during the Minister’s visit to the Dangote Petroleum Refinery and Fertiliser Plant in Lekki, Lagos, on Saturday, July 26, 2025. |
He noted that these reforms, along with others, have contributed to stabilizing the naira-to-dollar exchange rate and improving predictability in the market—two crucial indicators that have restored business confidence.
“We are seeing some stability in the exchange rate, which allows businesses like ours to plan more effectively. As conditions improve, we can expect even more favourable rates,” he added.
Dangote also applauded the Federal Government for establishing a One-Stop Shop (OSS) model, aimed at improving coordination among regulatory and security agencies under the Naira-for-Crude programme. According to him, this has reduced bureaucratic bottlenecks and enabled real-time problem resolution.
“All relevant agencies—including the Navy, NIMASA, and NPA—are now working together under one roof. This has made operations much more efficient. Issues are now promptly addressed, thanks to the effective leadership of Mr. Zacch Adedeji, Chairman of the Technical Committee.”
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| Group photograph of the Minister’s team with the management of Dangote Industries Ltd, during the visit to the refinery and fertiliser plant. |
Additionally, Dangote revealed the refinery’s forthcoming rollout of 4,000 Compressed Natural Gas (CNG) tankers to distribute petroleum products more efficiently and in an environmentally sustainable manner. This initiative, he said, will reduce logistics costs and bring fuel products closer to consumers at more affordable prices.
In her remarks, Dr. Jumoke Oduwole, Minister of Industry, Trade and Investment, reaffirmed the Federal Government’s commitment to supporting domestic investors and resolving operational challenges that hinder business growth.
“We are here today as a direct reflection of President Tinubu’s focus on promoting domestic investment. Following the Domestic Investment Summit—the first of its kind—we are visiting this landmark project led by Alhaji Aliko Dangote, who has invested significantly in Nigeria’s industrial future,” she said.
Dr. Oduwole praised the refinery as a project of historic scale, pointing out that even governments often shy away from such bold undertakings.
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| L–R: President/CEO, Dangote Industries Ltd, Aliko Dangote; Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, during the visit to the refinery and fertiliser plant in Lekki, Lagos. |
“This is a monumental effort—one we don’t take lightly. We are here to demonstrate genuine support, not just through words, but through sustained engagement and problem-solving,” she said.
She emphasized that the government is reviewing and reforming regulatory and legislative frameworks to lower the cost of doing business and catalyze industrial development.