Aliko Dangote, President of Dangote Group, has called on Nigeria’s Federal Government to fully remove fuel subsidies, stating that it’s the right time to do so. In an interview with Bloomberg, he emphasized that removing subsidies would clarify the country’s actual fuel consumption, reduce fiscal pressure, and help ease currency challenges. Dangote stated that his Lagos-based refinery would help track oil trucks, ensuring fuel remains within Nigeria, thus saving the government significant funds. The billionaire also revealed plans to begin production from his two oil blocks in October but stated he does not intend to invest heavily in the upstream segment.
SOURCE: NAIRAMETRICS
