Nigerian business mogul, Aliko Dangote, has cautioned the federal government to discontinue its crude oil-for-loan agreements, emphasizing the need to safeguard the nation’s financial future.

Speaking at the Crude Oil Refinery-owners Association of Nigeria Summit in Lagos, Dangote, represented by Executive Director, Engr. Mansur Ahmed, stressed that Nigeria must desist from compromising its future wealth through these deals.

“It’s alarming that while nations like Norway are setting aside oil revenues for future generations, Africa is squandering its oil wealth,” Ahmed noted.

In June 2024, the African Export-Import Bank (Afreximbank) released $3.175 billion to the Nigerian government as part of a $3.3 billion crude-for-loan facility.

Dangote’s call comes after his earlier advocacy for the complete removal of fuel subsidies.

The federal government is urged to reconsider its economic strategies and heed Dangote’s advice to ensure a more sustainable future.