Alhaji Aliko Dangote, the Chairman of Dangote Group, has emphasized that the ability of his company, Dangote Petroleum, to sell diesel at significantly discounted prices will provide immediate relief to Nigeria’s inflation challenges. Speaking to reporters on Wednesday after meeting with President Bola Tinubu in Lagos, Dangote expressed optimism about the economy, highlighting the recent improvement in the naira exchange rate.
According to Dangote, the naira has appreciated significantly, dropping from around N1,900 to the dollar to the current level of N1,250-N1,300. He noted that this positive development has already begun to impact the prices of locally-produced goods such as flour, as businesses pay less for diesel.
Africa’s richest man revealed that Dangote Petroleum has been selling diesel at N1,200 per litre, compared to the previous market price of N1,650-N1,700. He anticipates a dramatic reduction in fuel costs, which will help drive down inflation in the coming months.
Dangote highlighted the significant impact of the price reduction, explaining that buying diesel at N1,200 per litre instead of N1,650-N1,700 represents a substantial saving for businesses involved in transporting locally produced goods. He expressed confidence that this reduction in transportation costs will contribute to an immediate decrease in inflation rates.
Acknowledging the collaborative effort required to address economic challenges, Dangote called on both entrepreneurs and the government to work together to improve the lives of Nigerian citizens. He emphasized the importance of cooperation between industry leaders and government officials in achieving shared goals for national development.
In conclusion, Dangote expressed gratitude to all stakeholders for their efforts to improve the economic situation in Nigeria, stressing that collective action is essential for driving progress and prosperity for all citizens.
