Dangote Group's President, Alhaji Aliko Dangote, announced a significant cut in diesel prices by the Dangote Refinery, a move expected to impact inflation positively. With diesel prices reduced from N1,650 to N1,200 per litre, Dangote believes this adjustment will contribute to a further decrease in the inflation rate. This development comes at a time when Nigeria's headline inflation rate rose to 31.70 percent in February from 29.90 percent in January, as reported by the National Bureau of Statistics.
Speaking after paying an Eid-el-Fitr homage to President Bola Ahmed Tinubu in Lagos, Dangote highlighted the refinery's efforts to sell diesel below the market price to support the economy. He noted that the reduction in diesel prices has already had a positive impact, as the cost of locally-produced goods like flour has decreased, benefiting businesses that rely on diesel for operations. Dangote expressed optimism that this move would help drive down inflation in the coming months.
Dangote emphasized the importance of collaboration between entrepreneurs and the government to improve the country's economic situation. He urged industry leaders to work hand in hand with the government to enhance the lives of Nigerians, stressing that collective efforts are necessary for progress. Meanwhile, Ogun State Governor Dapo Abiodun also expressed optimism about Nigeria's economic recovery, attributing it to the policies and programs initiated by the Tinubu Administration. Abiodun noted that despite the prevailing challenges, Nigeria is on the path to recovery, and with concerted efforts, the country will rise again.
