Billionaire industrialist Aliko Dangote has highlighted the potential of his refinery’s discounted diesel prices to alleviate Nigeria’s inflationary pressures,leadership reports.
Speaking to reporters on Wednesday after meeting with President Bola Tinubu to mark Eid-El-Fitr in Lagos, Dangote expressed confidence in the economy’s trajectory. He noted a significant improvement in the naira’s exchange rate, dropping from approximately N1,900 to the dollar to the current range of 1,250-1,300.
This positive trend, Dangote explained, is already yielding results, with locally-produced goods like flour beginning to decrease in price as businesses spend less on diesel fuel.
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Dangote revealed that his refinery has been selling diesel at 1,200 naira per liter, a substantial reduction compared to the previous market price of between N1,650 and N1,700. He anticipates this sharp decline in fuel costs to contribute to lowering inflation in the upcoming months.
He emphasized the immediate impact of such reductions, citing examples of essential goods becoming more affordable due to decreased transportation costs. Dangote underscored the potential role of these measures in swiftly mitigating inflation, expressing gratitude for collective efforts toward improvement.
Encouraging collaboration between industry leaders and the government, Dangote stressed the importance of concerted action for the betterment of Nigerian citizens. “You can’t clap with one hand,” he remarked, emphasizing the necessity for joint efforts to achieve shared goals.
