Nigerian billionaire and CEO of Dangote Group, Aliko Dangote, has urged the Federal Government to fully eliminate fuel subsidies, emphasizing the financial burden they impose on the country. Speaking during a 26-minute interview with Bloomberg Television, Dangote pointed out that subsidies have cost trillions of naira and hindered transparency in fuel consumption.
Following the commencement of petrol distribution from the Dangote Refinery, with prices reaching ₦950 per litre in Lagos and exceeding ₦1,000 in the north, Dangote highlighted how domestic production could ease the pressure on the naira and stabilize fuel costs.
Dangote explained that the removal of subsidies would enable the government to save money and accurately measure Nigeria’s fuel consumption. “It’s the right time to remove the subsidy,” he stated, noting that inflated prices lead to government overspending.
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While emphasizing the importance of the refinery’s role in ensuring energy security and economic stability, Dangote also shared that his company would begin selling crude oil in naira, which he believes will reduce foreign exchange pressures by 40%. This agreement, currently being negotiated, will support both local fuel production and pricing transparency.
Discussions between Dangote and the Nigerian National Petroleum Company Limited (NNPCL) are still ongoing, with expectations for the refinery to begin full crude oil sales in October.