Nigerian billionaire Aliko Dangote has advised individuals holding US currency to sell it, expressing confidence in the Nigerian naira.
He made the remarks during a world press conference in Lagos, where he announced major expansion plans for his Dangote Petroleum Refinery.
“If I have dollars today, I would rather sell them than wait for the next month or so,” Mr Dangote said, signalling his belief that the naira could strengthen.
The industrialist’s comments are closely watched in Nigeria, where the local currency has experienced significant volatility.
His announcement focused primarily on a massive upgrade for his refinery. The facility, initially designed to process 650,000 barrels of crude oil per day, will now double its capacity to 1.4 million barrels.
This will make it the largest refinery in the world.
Alongside this, Mr Dangote revealed plans to significantly increase output of polypropylene and other essential materials used in manufacturing.
He described these projects as long-term “legacy investments” for Nigeria and the African continent.
In a move that will be welcomed by many Nigerians, he also disclosed that public ownership of the landmark refinery will soon be possible.
He emphasised that the project represents a “shared national vision,” rather than just a personal achievement.
The businessman extended his appreciation to President Bola Tinubu for his support, commending the administration’s agenda which encourages private-sector-driven growth.
The refinery’s expansion is expected to further reduce Nigeria’s reliance on imported fuel and strengthen its position in the global energy market.
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