By AFRICA’S richest man, Aliko Dangote, has expressed confidence in the strengthening of the naira, saying he would prefer to sell his dollars now rather than hold on to them, as Nigeria’s economic outlook brightens under new government policies and the impact of his multi-billion-dollar refinery.
Speaking about the refinery’s contribution to the national economy, Dangote explained that its operations have significantly reduced Nigeria’s dependence on imported petroleum products, thereby easing the pressure on foreign exchange.
He stated: “One of the things people don’t realise is that without this refinery, the dollar rate would have been far higher — not at ₦1,475. It’s ₦1,455 today. That’s a major gain. You wouldn’t have seen the dollar rates dropping and the foreign reserves going up.”
Dangote noted that the refinery has begun to stabilise the oil supply chain and reduce the country’s demand for forex used in importing refined petroleum products.
The billionaire industrialist expressed optimism that the naira would continue to gain strength in the coming months, supported by the government’s new policies to boost the downstream oil sector.
“In the next one or two months, with the government’s new policy supporting the downstream industry, the dollar rate will improve significantly,” he said.
“If I have dollars today, I’d rather sell than wait until next month.”
Economic analysts have echoed similar sentiments, noting that the commencement of full-scale operations at the Dangote Refinery is expected to conserve billions in foreign exchange annually and support the Central Bank’s efforts to stabilise the naira.
Dangote’s remarks come amid growing optimism about Nigeria’s economic recovery, as the government implements reforms aimed at enhancing local production, improving fiscal discipline, and attracting foreign investment.
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