Billionaire businessman Aliko Dangote has endorsed the Federal Government’s “naira for crude” initiative, stating that it could reduce foreign exchange demand by 40%. Speaking on Arise TV on Tuesday, Dangote announced the start of petrol production at the Dangote refinery in Lagos. He thanked President Bola Tinubu for fostering an environment that enables such monumental projects. 

Dangote emphasized that the “naira for crude” approach would stabilize the naira and curtail currency round-tripping. He also highlighted the ability to track trucks and ships, which would provide accurate data on Nigeria’s national fuel consumption. In April, the government had allowed indigenous refineries to purchase crude oil in either naira or dollars.