President of Dangote Group, Aliko Dangote has revealed that his Lagos-based refinery will stabilize the Naira against dollar at the foreign exchange market when the refinery starts production fully.
Dangote said this during an interview with Bloomberg Television on Monday, where he also disclosed that the import of petroleum products consume in the range of 40% of the country’s foreign exchange.
He further revealed that the distribution of Dangote Refinery petrol which was scheduled for September 15, 2024, will no doubt reduce the demand of Dollars by 40%.
“And then we will also sell in the domestic market. What that will do is that it’s going to remove 40 percent pressure on the naira.
“So because see, the petroleum products consume about 40 percent of foreign exchange, so you know, and then, you know, it’s like you have 40 percent of demand being taken out, so that can actually stabilize the naira and even if they subsidize, they would know what they are paying for,” he said.
Dangote also revealed that his company plans to have a meeting with presidential committee to know the update on the deal between Nigeria and Dangote refinery.
“The deal is to give the government something that they want. It’s also a win-win situation for all and it would benefit the country”, he said.