Aliko Dangote, the chairman of Dangote Group, has expressed his support for President Bola Tinubu’s policies regarding the removal of subsidy and the unification of foreign exchange (FX) rates. In his inaugural speech on May 29, President Tinubu had pledged to work towards these objectives.
Two weeks after the speech, the Central Bank of Nigeria (CBN) announced the unification of all segments of the FX market, consolidating them into the investors and exporters (I&E) window. This move allowed the Nigerian naira to float, with its exchange rate determined by market forces of supply and demand. The implementation of this new policy resulted in fluctuations in the market and further depreciation of the local currency.
Recent reports suggested that Aliko Dangote had experienced losses amounting to $3.12 billion due to changes in the foreign exchange markets resulting from the naira’s floatation. However, during his visit to the president on Monday, Dangote commended Tinubu’s policies, believing that they will ultimately benefit everyone.
Dangote stated, “All is great, and things are going well, and we also congratulated the president on the removal of subsidy. I think he is doing a great job. I expect that it’s going to be better for everybody. There will be more money now to put into education, health, infrastructure, and other areas, and our role is to help support him to make sure he achieves his vision.”
During the visit to Aso Villa, Dangote, along with Bill Gates, co-chair of the Bill and Melinda Gates Foundation, also discussed their plans for Nigeria and updated the president on the work of both foundations in the country. Dangote emphasized their commitment to improving the health sector in Nigeria and expressed the hope for increased cooperation between the foundations and the government.
Dangote concluded, “Nigerians have been receiving significant support from both foundations, and we expect more cooperation from the government. We, in turn, will continue to do more from our side.”