Why Nigerian govt should stop Crude-for-loan deals – Dangote

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Aliko Dangote, the president of the Dangote Group, has pushed for the federal government to stop using crude oil in any credit agreements.

At the ongoing Crude Oil Refinery-owners Association of Nigeria Summit in Lagos on Wednesday, Dangote made the revelation.

The Nigerian billionaire and Africa’s richest man, who was represented by the Executive Director of Dangote Group, Engr Mansur Ahmed stated the country must desist from mortgaging its future wealth through crude-for-loan arrangements.

“To ensure sufficient feedstock availability, we will need to stop mortgaging crude. It is unfortunate that while countries like Norway are putting oil proceeds into a future fund through their national wealth funds, in Africa, we are spending oil proceeds from the future today,” he stated.

The Nigerian government received $3,175 billion from African Export-Import Bank, or Afreximbank, as part of a $3.3 billion crude-for-loan syndicated arrangement that was made possible by the Nigerian National Petroleum Company Limited in June 2024.

Dangote has before ordered the Nigerian government to completely discontinue fuel subsidy.

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