Dangote: Falling Diesel Prices Will Bring Inflation Down in Nigeria

Aliko Dangote, Africa’s wealthiest individual, has expressed optimism about the Nigerian economy, citing the potential impact of decreasing diesel prices in curbing inflation.

Following his Eid-el-Fitr visit to President Bola Tinubu’s residence, Dangote addressed journalists, sharing his insights on the current economic landscape and prospects for improvement.

Dangote highlighted the significance of recent developments, particularly the stabilization of the naira, which has experienced fluctuations in recent times. He noted a positive shift in the currency’s value, offering a glimmer of hope for economic stability.

Trending: 5 fun places to visit during Sallah holidays in Kebbi

The billionaire industrialist drew attention to the correlation between high diesel prices and escalating inflation rates, emphasizing the burden it places on consumers, particularly in the context of transportation and production costs.

“In our refinery, we have taken the initiative to sell diesel at a reduced price,” Dangote stated, referring to the decision to sell diesel at ₦1,200 per litre instead of the previous ₦1,650. He expressed confidence that this move would contribute to alleviating inflationary pressures, especially in sectors reliant on diesel for operations.

Dangote projected that the decline in diesel prices would have a tangible impact on inflation figures, foreseeing a noticeable reduction in the coming months. He underscored the importance of collaborative efforts between the private sector and the government in fostering economic growth and mitigating inflationary trends.

“The reduction in inflation is not only beneficial for the government but also for the welfare of Nigerian citizens,” Dangote remarked, emphasizing the need for concerted action to ensure sustainable economic progress.

READ ALSO:Federal Government Launches Innovative App to Monitor Ministerial Performance and Citizen Feedback

As the nation grapples with economic challenges exacerbated by global trends, Dangote’s positive outlook serves as a beacon of hope for Nigerians, signaling potential relief from the burden of rising inflation.

In conclusion, Dangote urged stakeholders to remain vigilant and proactive in addressing economic concerns, emphasizing the importance of continued cooperation and innovation in driving Nigeria’s economic recovery.

Source: Intel Region

https://t.me/PAWSOG_bot/PAWS?startapp=6ZSAPFb3

Follow us on Google News for Latest Headlines

https://whatsapp.com/channel/0029VaELqhlHVvTXjDnUf80h

https://chat.whatsapp.com/G6Lo3ss6WKLCOqBphZwQGk

https://facebook.com/allmedia24news

https://www.twitter.com/allmedia24news
Telegram Group

https://t.me/allmedia24

https://www.threads.net/@allmedia24news

RECEIVE NEWS FROM EMAIL

Email address:

Leave this field empty if you're human: