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.'”
Recall that President Bola Tinubu had instructed
the Nigerian National Petroleum Company Limited, NNPCL, to sell crude to
Dangote Refinery in the local currency.
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