Dangote Backs Tinubu's Naira-Driven Oil Move: How Nigeria Could Cut Dollar Demand by 40%

There might be a drastic change knocking at Nigeria’s energy scene and it is not just a rhetoric. Aliko Dangote, one of the richest and most prominent industrialists of Nigeria, recently commented on President Tinubu’s daring idea to export crude oil using Naira instead of U. S. dollar. Dangote claimed that this will potentially reduce Nigeria’s need for dollars by 40% which makes a lot of sense under current circumstances.

With Dangote’s massive refinery now operational, the man has insights most of us can only speculate on. He highlights how this project is set to reveal the actual consumption patterns in Nigeria, tracking every truckload and even keeping tabs on the ships carrying this precious resource. If all goes according to plan, we’re looking at a more transparent, streamlined energy market, and that Naira-for-oil switch might just be the boost Nigeria’s economy needs.

But what does this really mean for the average person? Well, in theory, by reducing the country's reliance on dollars, we could see a drop in the volatility of the Naira. Less demand for dollars often translates to a more stable currency, and that could trickle down to reduce inflation and improve the purchasing power of everyday Nigerians.

The big question, though, is whether the implementation will match the ambition. We've seen grand plans come and go, but if anyone’s capable of making it happen, it’s likely a team that includes both Dangote and Tinubu.


 Credits: Arise TV