We’ve accepted Tinubu’s naira proposal despite loses – Dangote Refinery

Dangote Refinery has explained that the President of the company, Aliko Dangote, had agreed to the Federal Government’s proposal to sell and purchase crude in naira, despite the likelihood of financial losses.

The vice president of Dangote Industries Limited, Devakumar Edwin made this known on Thursday during a Twitter Space session organized by Nairametrics.

“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,” he said.

“‘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.’”

DAILY POST recalls that President Bola Tinubu had instructed the Nigerian National Petroleum Company Limited, NNPCL, to sell crude to Dangote Refinery in the local currency.