Tinubu Reveals Reason Behind Support for Dangote Refinery

(President Bola Tinubu. Photo Credit: Daily Post)

President Tinubu has explained that his support for the Dangote Refinery stemmed from a desire to encourage greater private sector investment within the nation’s economy.

He made these remarks during a meeting with the board and management of the Nigerian Exchange Group at the Presidential Villa, Abuja.

Recounting conversations with former President Muhammadu Buhari, Tinubu revealed that discussions regarding the refinery and strategies for its realisation began even before he assumed the presidency.

According to him, upon taking office on May 29, 2023, his administration introduced a naira-for-crude arrangement aimed at stabilising the national currency, emphasising that this eliminated the need for letters of credit and associated paperwork.

The President expressed confidence that Nigeria possesses the population, intellectual capacity, and ambition necessary to achieve a one-trillion-dollar economy.

He stated that encouraging greater private sector investment remained a priority, noting that this consideration factored into his support for the Dangote initiative even prior to assuming presidential office.

He further acknowledged the memory of the former president, recalling their discussions about the refinery project and the collaborative effort to advance it through private sector channels.