Dangote lauds Naira-for-Crude Initiative, Predicts 40% Drop in Forex Demand

Aliko Dangote, Chairman of the Dangote Group and owner of the $19 billion Dangote Refinery, praised President Bola Tinubu’s Naira-for-crude policy, stating it will slash foreign exchange demand by 40%. He made this announcement on Tuesday at a press conference, where he revealed the commencement of petrol production at the 650,000 barrels per day Lagos facility. Dangote declared, “Today is a celebration day for Nigerians,” marking a significant milestone for the country’s energy sector.

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