The Dangote Refinery and the Nigerian Government has reached a level ground over the sale and purchase of crude oil by the newly manufacturers in Nigeria.
The vice president of Dangote, Edwin, explained that Aliko Dangote had agreed to the federal government’s proposal to sell crude in naira to the Dangote refinery and buy fuel in naira, despite the likelihood of financial losses.
He said, “Dangote intervened and said, ‘We are going to accept this because the country desperately needs foreign exchange, and the value of the Naira is deteriorating every day. I understand that I am going to take a loss – because, by the time we sell the product and convert it to dollars, the exchange rate may have worsened.’”
“I am willing to take this loss in the interest of the country. I don’t mind, the country is in bad shape. Someone has to take certain risks, and I am ready to face this loss, no matter how significant it may be.”