Remove Oil Subsidy, Exchange $1 For ₦500, Dangote Warns

LAGOS, NIGERIA - Africa's Richest man, Aliko Dangote, has warned the current government from removing subsidy on the sale of petroleum products in Nigeria.

"The issue with subsidy is that government needs to block all loopholes. If there's no subsidy, it will affect our foreign exchange, we'll end up buying a dollar at ₦500, because there's no VAT on petroleum products," he said in an interview published by Vanguard newspapers.

"That's why the import of petroleum products is taking about 30% of our foreign reserve. We just need to make sure that there's no siphoning of money. The refining business requires volume. If you don't have a massive volume, there's no way you'll make money. 

"Most of the refineries in Africa are running at a big loss. It's not possible for government officials to successfully manage oil businesses. It's good enough if they remove the subsidy, but you can check with neighbouring countries like Senegal. 

"If a poor person in Senegal can afford to pay subsidy, why can't a poor person in Nigeria afford to pay. I think there must be something for the masses, which should be in terms of power, social insurance, good education system, good roads etc," he added.

 

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