Africa's richest man Aliko Dangote has launched an initiative through the Dangote Oil Refinery to process approximately $1.2 billion worth of crude oil monthly.
This effort follows Nigerian President Bola Tinubu's directive, which commands the Nigerian National Petroleum Company Limited (NNPC) to sell crude in naira to this and other domestic refineries . This strategy aims to stabilize fuel prices and strengthen the national currency.
Economic strategy and impactPresident Tinubu's policy aims to transform Nigeria's economic landscape by cutting the dependence on imported fuel and reducing foreign currency spending.
The refinery will start processing 500,000 barrels of crude per day in August, with plans to increase to 550,000 barrels by December 2024.
