Crude For Naira Swap Deal Has Positive Impact- Dangote

Ismail Abdulaziz
Dec, Sat, 2024

Economy/Business

Crude for Naira swap deal has positive impact- Dangote

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President of the Dangote Industries Limited, Aliko Dangote, has commended President Bola Tinubu for the positive impact of the naira for crude swap deal on the Nigerian economy.

Dangote said that the swap has led to reduction in prices of petroleum products in the country.

The News Agency of Nigeria (NAN) reports that Dangote recently reduced the price of petrol from N970 to N899.50 at its Refinery loading gantry and provided generous credit terms to marketers.

“To ensure that this price reduction gets to the end consumer, we have signed a partnership with MRS to sell petrol from its retail outlets nationwide at N935 per litre” he added.

NAN reports that the price has already commenced in Lagos, and its expected to be offered nationwide from Monday.

Dangote called on other oil marketers such as the NNPC Retail and all other marketers, “to work with us to ensure that Nigerians enjoy high-quality petrol at discounted prices.”

According to him, “The Dangote Refinery is for the benefit of Nigeria and Nigerians. We will therefore continue to work with various value chain players to deliver high quality petrol at cheaper prices.

“Our aim is for all Nigerians to have ready access to high quality petroleum products that are good for their vehicles, good for their health, and good for their pockets.

The Federal Executive Council in September approved the sale of crude to local refineries in Naira and corresponding purchase of petroleum products in Naira.

The move, which commenced on Oct. 1, led to reduced pressure on the dollar and ensured the stability of the local currency.

Dangote thanked Nigerians for their unwavering support and the government for creating an enabling environment for the domestic refining industry.(NAN)

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