President Bola Tinubu has met with the Chairman of the Dangote Group, Alhaji Aliko Dangote, to review the implementation of the policy on selling crude oil to local refineries in Naira, which will be determined by exchange rate, with Afreximbank acting as a go-between.
While explaining the highlights of the discussions, the Minister of Finance, Mr. Wale Edun, said the commencement of the implementation of the policy would set the economy on the path to industrialisation.
He said with the private sector refining crude oil, there would be raw materials for agriculture, industry, chemicals, paints, building materials, and textiles, which will encourage more investments, and create ample job opportunities, thereby boosting economic growth.
According to Mr. Edun, the market pricing of petroleum products, has also paved the way for NNPC to restore its balance sheet, its financial fortunes, and to give the Federal, state, and local governments more funding in to allow them meet their obligations in salary payments, social services, and key infrastructure development.
The Chairman, Dangote Group, Alhaji Aliko Dangote, had observed that the policy, if properly implemented, would revive a lot of industries, the aviation sector, and gradually make queues for petrol fade away.
RN
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