Dangote Predicts New Dollar To Naira Exchange Rate, Diesel Price As He Visits President Tinubu

Nigerian billionaire businessman, Aliko Dangote, has observed an improvement and reduction in the cost of diesel in the country.

This is as he also submitted that Nigerians should expect a further drop in the dollar to naira exchange rate.

The chairman of Dangote Group who spoke to journalists in Lagos State after a visit to President Bola Tinubu at his Ikoyi residence on Wednesday, said inflation will soon drop as well.

He disclosed that his refinery had been selling diesel at ₦1,200 naira per litre compared to the previous market price of ₦1,650-₦1,700 and with the reduced prices, the price of locally-produced goods like flour are coming down as businesses pay less for diesel fuel.

He added that with the naira improving against the dollar in recent weeks, dropping from around ₦1,900 to the dollar to ₦1,250-₦1,300, a lot of positive impact should be expected on the economy.

Dangote submitted that he believes the government is doing all it can to make things get better and called on business owners and citizens to support the government.

According to him: “I discussed a lot of things that are ongoing, which I believe that we are on the right track. I believe Nigerians have been patient and I also believe that a lot of goodies will now come through.

“There’s quite a lot of improvement because if you look at it, one of the major issues that we’ve had was the Naira devaluation that has gone very aggressively up to about ₦1,900. But right now we’re back to almost ₦1,250, ₦1,300, which is a good reprieve.

“You can see quite a lot of things have actually gone. Even people now when you go to the market, for example, something that we produce locally like a flour or whatever, people will charge you more.

“Why? Because they’re paying very high prices on diesel and what we did, for example, in our refinery, we started selling diesel at about ₦1,200 for ₦1,650 and I’m sure as we go along, things will continue to improve quite a lot.

“Well, even now it’s a lot of impact. If you look at it now, when you are buying ₦1,650, ₦1,700 for a liter of diesel, and that one has been cut off by almost one third to now be paying for diesel at ₦1,200.

“And maybe eventually going forward, even though the crude prices are going up, even with that, I believe people will not get it much higher than what it is today, ₦1,200.

“It might be even a little bit lower but it can help quite a lot because if you are transporting locally produced goods, rice and other stuff, you are paying ₦1,650.

“Now you are paying two thirds of that amount, ₦1,200. It’s a lot. It’s a lot of difference. People don’t know.

“That can actually help to bring inflation down immediately. And I’m sure when the inflation figures are out for the next month, you see that there’s quite a lot of improvement in the inflation rate.

“So one step at a time. And I’m sure the government is working around the clock to make sure that things get much better.

“Because it’s in their own interest. It’s in the interest of everybody, it’s in our own interest and I just want to thank everybody for the Nigerians to get things better.