Oritsegbubemi Omatseyin
Lagos — Chairman of Dangote Group, Alhaji Aliko Dangote, has said that his refinery’s ability to sell diesel at significantly discounted prices will provide immediate relief to Nigeria’s inflation woes. According to Dangote, the reduction in the price of diesel from N1,650 to N1,200 will have a positive effect on the cost of goods and services in the country.
He disclosed this to newsmen on Wednesday after he paid Eid-el-Fitr homage to President Bola Tinubu at his Lagos residence noting that there has been considerable economic progress recently, indicating that the country is on the right path.
Dangote stated that his refinery is offering diesel at N1,200, below the market rate of N1,650, and he believes this will contribute to lowering inflation in the country.
He said: “ There’s quite a lot of improvement because if you look at it here, one of the major issues that we’ve had was the narrow devaluation that has gone very aggressively up to about 1,900. But right now we’re back to almost 1,250, 1,300, which is a good improvement.
“And you can see quite a lot of things have actually gone. Even people now when you go to the market, for example, something that we produce locally like flour or whatever, people will charge you more. Why? Because they’re paying very high diesel prices. And what we did, for example, in our refinery, we started selling even diesel at about 1,200 for 1,650. And I’m sure, you know, as we go along, things will continue to improve quite a lot.
“Well, even now it’s a lot of impact. If you look at it now, when you are buying 1,650, 1,700 for a liter of diesel, and that one has been cut off by almost one-third to now be paying diesel at 1,200. And maybe eventually going forward, even though the crude prices are going up, even with that, I believe people will not get it much higher than what it is today.
“1,200, it might be even a little bit lower. But that can help quite a lot. Because if you are transporting locally produced goods, rice and other stuff, you are paying 1,650. Now you are paying two-thirds of that amount, 1,200. It’s a lot. It’s a lot of difference. People don’t know.
“That can actually help to bring inflation down immediately. And I’m sure when the inflation figures are out for the next month, you will see that there’s quite a lot of improvement in the inflation rate.
“So one step at a time. And I’m sure the government is working around the clock to ensure things get much better. Because it’s in their own interest. It’s in the interest of everybody, It’s in our own interest, and I just want to thank everybody for the Nigerians to get things better.”
Dangote urged captains of industry to partner with the government to improve the lives of Nigerian citizens.
“You can’t clap with one hand. So both the entrepreneurs and the government, need to clap together and make sure that it is in the best interest of everybody,” he said.
President Tinubu on his part had earlier congratulated Dangote on the occasion of his 67th birthday yesterday.
The president, in a statement by his media adviser, Ajuri Ngelale, joined the family and friends of Dangote to celebrate the founder of the largest industrial conglomerate in West Africa and one of Africa’s business role model.
Referencing the many industrial feats of the business giant, President Tinubu extolled Dangote’s famed dauntless and inventive spirit, as well as his quest for excellence in any venture.
The president commended the chairman of Dangote Group for his interventions and support for Nigeria’s young entrepreneurs, describing him as one of the industrialists who have kept the country on the global map as a haven for enterprise.
President Tinubu also wished him many more prosperous years in his endeavours in Nigeria, Africa and the world.
This article was originally posted at sweetcrudereports.com
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