President of the Dangote Industries Limited, Aliko Dangote, has lauded President Bola Tinubu over his role in ensuring the implementation of the crude-for-naira deal.

Africa’s richest man disclosed this in a statement made available to Newsmen on Saturday.

According to him, the deal has led to the reduction in the prices of petroleum products across the country.

This comes as Dangote reiterated his commitment to providing Nigerians with quality petroleum products.

“The Dangote Refinery is for the benefit of Nigeria and Nigerians. We will therefore continue to work with various value chain players to deliver high-quality petrol at cheaper prices.

“Our aim is for all Nigerians to have ready access to high-quality petroleum products that are good for their vehicles, good for their health, and good for their pockets,” Dangote said.

Recall that in September 2024, Tinubu approved the sale of crude to local refineries in Naira and the corresponding purchase of petroleum products in Naira.

The move, which commenced on October 1, led to reduced pressure on the dollar and ensured the stability of the local currency.

Dangote also appreciated Nigerians for their unwavering support, and thanked the government for creating an enabling environment for the domestic refining industry.

The Minister of Finance, Wale Edun, said Nigeria needs to invest $20 billion annually to achieve its economic targets by 2030.

Edun disclosed this on Friday during the Citizens and Stakeholders Engagement on the Implementation of Presidential Priorities and Ministerial Deliverables for the Fourth Quarter of 2024, held in Abuja.

Edun stressed the urgency of the investment, noting its role in driving economic growth and facilitating infrastructural development.

According to him, an additional $20 billion per year is required to grow the economy by an average of 6.3 percent in the medium term.

“We need significantly more growth,” Edun stated. “An additional $20 billion is the target we need for social infrastructure to facilitate logistics for agriculture.”

This comes as President Bola Tinubu in 2023 announced a $1 trillion gross domestic product, GDP target by 2030.

In 2023, Nigeria’s economy stood at $363 billion. Data from the National Bureau of Statistics, NBS puts GDP for the first three quarters of 2024 at $134 billion. In line with the data by NBS, Nigeria needs to add at least $866 billion between October 2024 and December 2030. This equates to increasing GDP size by 7.5 times within six years. This means the $134 billion GDP figure in 2023 must increase by 8.4 per cent by 2024, reaching approximately $145 billion.

Dangote Refinery has announced another reduction in the price of Premium Motor Spirit, PMS, or petrol.

The company disclosed this in a statement by its spokesperson, Anthony Chiejina, released on its official X account on Thursday.

The oil firm reduced its petrol ex-depot price to N899.50 per litre, down from N970.

“…We have now announced a new price of N899.50 per litre. This reduction is designed to ease transport costs during the festive period.

“To alleviate transport costs during this holiday season, Dangote Refinery is offering a holiday discount on PMS. From today, our petrol will be available at N899.50 per litre at our truck loading gantry or SPM.

“Furthermore, for every litre purchased on a cash basis, consumers will have the opportunity to buy another litre on credit, backed by a bank guarantee from Access Bank, First Bank, or Zenith Bank,” said Chiejina.