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Dangote Predicts Decline in Inflation Due to Falling Diesel Prices

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Aliko Dangote

Africa’s wealthiest individual, Aliko Dangote, anticipates a decline in inflation following the reduction of diesel pump prices, he mentioned during a conversation with journalists on Wednesday after visiting President Bola Tinubu for Eid-el-Fitr in Lagos.

Dangote expressed optimism, stating, “I believe Nigerians have been patient, and I also believe that a lot of improvements will come through.

One major issue we faced was the aggressive devaluation of the naira, which soared up to about ₦1,900. However, it has now stabilized around ₦1,250 to ₦1,300, providing relief. Many commodities witnessed price increases due to high diesel costs.”

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He continued, “In our refinery, we started selling diesel at about ₦1,200 instead of ₦1,650, and I’m confident that as we progress, conditions will continue to improve significantly.”

Dangote emphasized the impact of reduced diesel prices, saying, “Previously, purchasing diesel at ₦1,650 or ₦1,700 per liter, and now at ₦1,200, marks a substantial difference, especially for local transportation costs. This could notably contribute to immediate inflation reduction.”

He concluded optimistically, “I believe the government is diligently working to enhance overall conditions, benefiting everyone. It’s a gradual process, but I’m confident in the positive trajectory.”

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