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.
Aro Yahaya Bolaji Abdullahi Maimunat Oniyangi Kwara State Infrastructure Development Fund Oba David Oyerinola Adedunmoye Lawan Offorjama Bahago Okedare Ilorin General Hospital Ilorin.Info Oluwole Dupe Elections Temitope Ogunbanke Lola Olabayo Salary Olusola Saraki Nigeria Computer Society Titus Suberu-Ajibola Abdulrahman Abdulrazak Sulyman Age AbdulKareem Rebecca Olanrewaju Adedeji Onimago Idowu Laro Owo Arugbo Toyin Abdullahi Wahab Olasupo Egbewole Unicontinental Construction Company Abdulraufu Mustapha Tunde Akanbi Ilorin Likeminds Foundation Umar Saro Kuliyan Geri UITH AbdulKareem Yusuf Danhawa Amina Susa\'a De Ahmed Gbenga Adebayo Aliyu Umar Rafiu Ibrahim Abdulrahman Onikijipa Omoniyi M. Ayinla Amuda Musbau Salami Adekunle Popo-Igbonna Maryam Ado Bayero Yahaya Dumoye M.Y. Abdulrahaman Bature Bello Olukotun Of Ikotun LABTOP Ramadhan Halimat Yusuf Ambassador Kayode Laro Yoonus Kola Olatinwo Bashiru Makama Aminat Omodara Kisra Doyin Agbamu Yakubu Gobir Ilorin West/Asa Federal Constituency Chief Imam Of Omu-Aran 3MTT Elerinjare TETFUND Aishat Mohammed Lawal Radio SBS Nupe Fatai Garuba Labaka Femi Oladiji Mary Kemi Adeosun Ishaq Oloyede Kwara State Geographic Information Service Muhammadu Gobir Saka Onimago Innocent Okoye Baaziki Sulaiman Oniwa

