Group Urges Federal Government to Collaborate with Dangote Group for Petroleum Sales in Naira
News report from The Punch indicates that, a pro-democracy group, Kwara Must Change, has urged the Federal Government to collaborate with the Dangote Group to sell its products, particularly petroleum, to African countries in naira.
In a statement released on Sunday, Abdulrazaq Hamzat, the Convener of Kwara Must Change, stressed the importance of leveraging the Dangote refinery to benefit the region and boost the prominence of the Nigerian currency across the African continent.
Hamzat explained that this proposal aligns with a broader vision to promote the use of the naira in regional trade, potentially strengthening Nigeria's economic influence in Africa.
He said, “This landmark achievement of Dangote should not only serve Nigeria's national interest but also its regional interest. Only countries in Europe, Asia, and America should purchase the products in dollars.
“By doing this, we could potentially strengthen the naira's value and influence in regional trade, reducing our reliance on the U.S. dollar.”
He further argued, “Rather than chase foreign exchange, particularly the U.S. dollar, we should focus on making others seek the naira. This would have a much broader impact on our economy.”
Hamzat asserted that if the Federal Government implements this strategy, it could create a more favourable business environment for Nigerian industries, promote regional economic integration, and reduce dependence on foreign currencies.
“This move could help stabilize the naira and encourage other African nations to adopt similar strategies for regional trade,” he added.
Recalling the recent policy, Hamzat noted, “It should be remembered that the FG has approved the purchase of crude oil in naira for the Dangote refinery and others in Nigeria. This means the refinery's obligations in foreign currency will be minimized, making this initiative achievable.”
Kwara Must Change urged both the government and the Dangote Group to consider this proposal, stating, “We believe this aligns with Nigeria's overall interest.”
Cloud Tag: What's trending
Click on a word/phrase to read more about it.
David Oyerinola Adedunmoye A.E. Afolabi Roseline Oni Aremu Bolakale Saka Oba Abdulkadir La\'aro Inside Kwara Yomi Ogunsola Adaramaja Katibi Ibraheem Adeola Mohammed Jimoh Faworaja Col. Ibrahim Taiwo Presidential Election Eleja Rafiu Olasile Aliyu Kora Sabi Aliyu Olatunji Ajanaku Ojuekun Sarumi Idowu Laro Abdulrahman Abdulrazak Daud Adeshola Principal Private Secretary Is\'haq Modibbo Kawu Idris Garuba Royal FM Olota Of Odo-Owa Aminat Ahmed Ahmad Uthman Kwara State Fire Service Isiaka Alikinla Kayode Issa Ado Bayero Ariyo All Peoples Party LAK Jimoh Post Utme Sobi Specialist Hospital Oloye Kwara 2019 Busari Toyin Isiaka Shade Omoniyi Kwara Polytechnic Unilorin FM Ilorin Anchor Men And Women Kwara Politics GRA Elerin Of Erin-Ile Aliyu Kora-Sabi CELF Abraysports FC Baakini Adegoke Bamidele Oba-Solagberu Idris Amosa Oladipo Saidu Firdaos Amasa Millennium Development Goals Imodoye Writer’s Enclave Memunat Monsuma Oro Grammar School Old Students Association Abdullahi G. Mohammad Bello John Olanrewaju Photo News Toun Okewale-Sonaiya Nupe International Vocational Centre Budo-Egba Kwara Poly Offa Metropolitan Club Societe Generale Bank Of Nigeria Saliu Shola Taofeek KWASIEC Elections A.O. Belgore Sadiq Umar Ilorin Emirate Stakeholders Forum Yekeen Alabi Shuaib Olarongbe EFCC