Nigerians Should Expect Fall In Prices of Food Items With The Anticipated Falling Prices of Diesel–Dangote


                        …Forex at ₦1,250, a good reprieve

The chairman and chief executive officer of the Dangote Group, Aliko Dangote, has said that Nigerians should expect a fall in the prices of food items soon.
According to him, this will happen as soon as inflation drops. The drop in inflation will happen because the prices of diesel will continue to be on a downward trend.
He stated this on Wednesday during a chat with journalists after he paid Eid-el-Fitr homage to President Bola Tinubu at his Lagos residence.

“I believe that we are on the right track. I believe Nigerians have been patient and I also believe that a lot of goodies will now come through. There’s quite a lot of improvement because if you look at it, one of the major issues that we’ve had was the naira devaluation that has gone very aggressively up to about ₦1,900,” he said.

He stated that, right now, we’re back to almost ₦1,250, ₦1,300, which is a good reprieve. “Quite a lot of commodities went up. When you go to the market, for example, something that we produce locally like flour, people will charge you more. Why? Because they’re paying very high diesel prices”, he said.

He said: “Now, in our refinery, we started selling diesel at about ₦1,200 instead of ₦1,650 and I’m sure as we go along, things will continue to improve quite a lot,” Dangote stated.

“If you look at it now, when you are buying ₦1,650 or ₦1,700 for a litre of diesel, that one has been cut off by almost two-thirds, you are now paying ₦1,200 for diesel.

He said, maybe, going forward, even though the crude prices are going up, he believes people will not get it much higher than what it is today, ₦1,200, suggesting that It might be even a little bit lower, and this can help quite a lot because if you are transporting locally-produced goods and you were paying ₦1,650, now you are paying two-thirds of that amount, ₦1,200. This makes a lot of difference. People don’t know.

“This can help to bring inflation down immediately. And I’m sure when the inflation figures are out for the next month, you’ll see that there’s quite a lot of improvement in the inflation rate. So a step at a time. And I’m sure the government is working around the clock to make sure that things get much better because it is in the interest of everybody that things get better,” he stated.

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