Aliko Dangote, President and CEO of the Dangote Group, has called for the removal of fuel subsidies in Nigeria. Speaking during a 26-minute interview with Bloomberg Television in New York, Dangote emphasized that eliminating the subsidy would help determine the country’s actual petrol consumption and reduce financial waste.
Dangote, who owns two oil blocks expected to begin production next month, stated that fuel production from his $20 billion Lagos refinery would ease pressure on the naira by reducing reliance on petrol imports. He further explained that removing the subsidy would ensure transparency in fuel distribution and help the government save significant resources.
He also highlighted that while the refinery aims to be profitable, the decision to remove subsidies rests with the government, which needs to balance fiscal policies for the greater good.
“It’s time for the subsidy to go,” Dangote concluded, pointing to the potential benefits for the Nigerian economy.
