The President Bola Tinubu’s policy decision to sell crude oil to Dangote Petroleum Refinery and any other local refiners in naira has been applauded by the Arewa Consultative Forum (ACF).
The president’s decision, according to Dr. Faruk Umar, chairman of the Arewa Consultative Forum (ACF), will promote local investments and the realization of Nigeria’s untapped economic potential.
He claimed that Tinubu’s action once again demonstrated his commitment to the country’s best interests.
He believes that if Tinubu keeps going in this direction, he will be successful in leading the nation due to his inclusive, practical style and propensity to listen to others.
“What the President has done will encourage the likes of Alhaji Aliko Dangote and other foreign investors to invest in the country.
“We also commend Alhaji Aliko Dangote for believing in the Nigerian economy to invest $20 billion single handedly , being the largest investment by an individual in any part of Africa.
“With this development , we are appealing to Alhaji Aliko Dangote to rescind his decision of abandoning his investment in the steel industry as this will make Nigeria self -sufficient in its industrial development.
“Alhaji Aliko Dangote should also reciprocate the gesture by ensuring that over time , the price of petroleum products become more affordable . We commend his kind gesture in bringing drastically the price of diesel and aviation jet fuel,” Umar said.
The refinery’s listing on the Nigerian Exchange (NGX), where any Nigerian can purchase firm shares, is a source of great satisfaction for Umar, who also serves as President of the Association for the Advancement of Rights of Nigerian Shareholders (AARNS).
The Nigerian National Petroleum Company Limited (NNPCL) was instructed by Tinubu to sell oil to the Dangote Refinery and other soon-to-be Naira refineries.
On Monday, July 29, Bayo Onanuga, the President’s Special Advisor on Information and Publicity, announced this in a post on his official X Twitter.
The Federal Executive Council accepted the action today, according to Onanuga, who made the announcement of President Tinubu’s decision.
Its goal is to maintain stability in both the dollar-to-Naira exchange rate and the refined petrol pump price.
He said: “To ensure the stability of the pump price of refined fuel and the dollar-Naira exchange rate, the Federal Executive Council today adopted a proposal by President Tinubu to sell crude to Dangote Refinery and other upcoming refineries in Naira.
“Dangote Refinery at the moment requires 15 cargoes of crude, at a cost of $13.5 billion yearly. NNPC has committed to supply four.
“But the FEC has approved that the 450,000 barrels meant for domestic consumption be offered in Naira to Nigerian refineries, using the Dangote refinery as a pilot. The exchange rate will be fixed for the duration of this transaction.
“Afreximbank and other settlement banks in Nigeria will facilitate the trade between Dangote and NNPC Limited. The game-changing intervention will eliminate the need for international letters of credit. It will also save the country billions of dollars used in importing refined fuel.”
