Alhaji Aliko Dangote, President and Chief Executive of Dangote Group, is urging the Federal Government to completely end fuel subsidies. He believes this will help determine the actual petrol consumption in Nigeria and ease pressures on the naira.

Dangote's reasoning is straightforward: subsidies create an environment where prices are bloated, and the government ends up paying more than necessary. By removing subsidies, the government can save money and determine the real consumption of petroleum products in Nigeria.

Dangote's $20 billion mega refinery in Lagos, which can refine 650,000 barrels of crude oil daily, will play a significant role in easing currency pressures. The refinery started supplying gasoline to the state-owned oil company on September 15.

Ending fuel subsidies will have several benefits, including:

- *Reducing Currency Pressures*: Petroleum products consume about 40% of Nigeria's foreign exchange. By producing fuel locally, the pressure on the naira will decrease.
- *Energy Security*: Dangote's refinery will provide energy security, ensuring a stable supply of gasoline, diesel, and aviation fuel.
- *Economic Benefits*: The removal of subsidies will help the government save money and allocate resources more efficiently.

While Dangote acknowledges the challenges faced during the project's launch, he is proud to have achieved this feat. Discussions are ongoing to finalize a detailed agreement for crude oil sales, expected to begin in October.