Now is the right time to end fuel subsidy, and boost the naira - Dangote

Aliko Dangote believes it’s the right time for Nigeria to end its fuel subsidy, as production from his refinery will reduce the country’s reliance on imported fuel and ease pressure on the weakening naira.

Nigeria, Africa's largest oil producer, has long relied on fuel imports due to its poorly maintained refineries, forcing the government to subsidize fuel for decades.

President Bola Tinubu initially removed the subsidy, sparking protests and inflation. Dangote's refinery, which began supplying gasoline in September 2024, aims to stabilize the naira by reducing the demand for foreign exchange spent on fuel imports.