Dangote: My refinery’s lower fuel prices would contribute to a decrease in Nigeria’s inflation

After meeting with President Bola Tinubu in Lagos on Wednesday, Dangote talked with reporters about his optimism for the economy. He pointed out that the naira’s exchange rate has improved recently, from almost N1,900 to the dollar to its current level of N1,250–N1,300.

He claims that as a result of businesses paying less for petrol, the price of locally manufactured items, such as flour, is already beginning to decline.

The richest man in Africa disclosed that his refinery is now selling diesel for 1,200 naira per litre, as opposed to the previous market price of N1,650–N1,700. He also stated that he anticipates a sharp drop in gasoline prices in the upcoming months, which will help control inflation.

“There’s quite a lot of improvement,” he stated, pointing out that one of the main problems we’ve had was the narrow devaluation, which increased fairly quickly to almost 1,900. However, we’re back to roughly 1,250–1,300 at this point, which is a positive development.

And as you can see, a good number of objects have indeed disappeared. Even now, you will pay more when you go to the market for something that we manufacture locally, like flour or something else.