The President of Dangote Group, Alhaji Aliko Dangote has advised the Federal Government of Nigeria to put an end to all crude oil for loan deals.

Dangote gave this advice on Wednesday while speaking at the ongoing Crude Oil Refinery-owners Association of Nigeria Summit in Lagos.

The billionaire business mogul, represented by the Executive Director of Dangote Group, Engr Mansur Ahmed said the country must refrain from mortgaging its future wealth through crude-for-loan deals.

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He said, “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.”

Recall that in June 2024, African Export-Import Bank, Afreximbank disbursed a total of $3,175 billion to the Nigerian government, of a $3.3 billion crude-for-loan syndicated facility through the Nigerian National Petroleum Company Limited (NNPCL).

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