
Aliko Dangote, President of the Dangote Group, has called on the Nigerian government to cease all crude oil-for-loan agreements at the Crude Oil Refinery-owners Association of Nigeria Summit in Lagos.
Represented by Executive Director Engr Mansur Ahmed, Dangote emphasized the critical need for Nigeria to avoid "mortgaging its future wealth" through such deals. He pointed out that while countries like Norway are wisely investing their oil revenues into national wealth funds for future benefits, African nations, including Nigeria, are prematurely depleting their resources.
Dangote's remarks come in the wake of a financial transaction where the African Export-Import Bank disbursed $3.175 billion to Nigeria as part of a $3.3 billion crude-for-loan facility.
This arrangement, facilitated through the Nigerian National Petroleum Company Limited, highlights the ongoing reliance on short-term financial solutions that could jeopardize long-term economic stability.
Furthermore, Dangote reiterated his position on the necessity of removing fuel subsidies, advocating for more sustainable and strategic economic policies. His call to action aligns with broader discussions on fiscal responsibility and energy policy reform in Nigeria, underscoring the importance of adopting long-term financial strategies to ensure sufficient feedstock availability and economic sustainability.
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