President of Dangote Industries Limited, Aliko Dangote, has expressed appreciation to President Bola Tinubu for removing fuel subsidies and introducing reforms in the foreign exchange market.

Dangote said the policies had helped create a more predictable business environment and supported investment in Nigeria’s industrial sector.

He spoke on Monday during the launch of the initial public offering of Dangote Petroleum Refinery and Petrochemicals on the Nigerian Exchange.

The businessman said the reforms had been difficult for Nigerians but were necessary to address longstanding distortions in the economy.

He said the removal of the fuel subsidy had helped create conditions that allowed private investors to operate more effectively, while the foreign exchange reforms had improved transparency in the market.

Dangote also commended the administration for supporting local production and encouraging investments capable of reducing Nigeria’s dependence on imports.

He said the Dangote Refinery had benefited from the changing economic environment and was contributing to Nigeria’s transition from a major importer of refined petroleum products to an exporter.

The refinery, which has a capacity of about 700,000 barrels per day, began operations in 2024 and has since expanded its supply of refined petroleum products to both domestic and international markets.

Dangote said the refinery’s IPO was part of a broader plan to democratise wealth creation by allowing Nigerians to acquire ownership stakes in major industrial assets.

The public offer comprises 4.1 billion shares priced at N525 each and is targeting about N2.15tn if fully subscribed.

He said the company would continue to invest in expanding its refining capacity and other industrial operations, while contributing to Nigeria’s economic development.