President Bola Tinubu has stated that his support for the Dangote Refinery is to encourage the private sector to invest more in the nation’s economy.

Tinubu made this statement during a meeting with the Board and Management of the Nigerian Exchange Group at the Presidential Villa, Abuja.

Recounting his conversation with the late former President Muhammadu Buhari, Tinubu said he was in talk with Buhari about the refinery and how to make it a reality even before he became president.

Tinubu said when he assumed office on May 29, 2023, his administration introduced the naira-for-crude to stabilise the currency, stressing that there is no need for letters of credit and paperwork.

He said with what has been achieved so far, it shows that Nigeria has the the population, brains, and audacity to achieve a one-trillion-dollar economy.

Tinubu said, “We need to encourage the private sector to invest more in the economy. It’s one of the reasons I backed Dangote, even before I became president.

“God bless the soul of former President Muhammadu Buhari. We were talking about the refinery then, and we found a way to push it to the private sector.”