{
  "id": 8563234,
  "title": "UNLOCKING THE FULL POTENTIAL",
  "url": "https://urgent.news/2026/09/20/unlocking-the-full-potential",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-20T00:04:55.000Z",
  "source": {
    "name": "This Day",
    "slug": "this-day",
    "url": "https://www.thisdaylive.com/2026/09/20/unlocking-the-full-potential/"
  },
  "original_language": "en",
  "account": "Aliko Dangote, Africa's wealthiest individual, publicly commended President Bola Ahmed Tinubu for removing fuel subsidies and reforming Nigeria's foreign exchange system. His remarks were made on the Nigerian Stock Exchange. Dangote stated, \"I want to thank him for taking a lot of bold steps by removing the subsidy and democratising the exchange rate... we will continue to partner with the government to ensure that we make this country great and we make Africa great.\" This response warrants a closer examination beyond Dangote's perspective. The question it raises is whether painful economic reforms that initially burden ordinary Nigerians can ultimately result in a stronger economy where businesses and citizens thrive. The answer is affirmative, provided the reforms endure and translate into a more productive economy. The Dangote Refinery, projected to be Africa's largest initial public offering, represents a significant milestone in Nigeria's pursuit of an economy that produces more of what it consumes. This refinery has become a tangible symbol of the economic transformation Nigeria has long sought. However, the refinery's development did not happen spontaneously. For decades, Nigeria's political leadership recognized that fuel subsidies were unsustainable, yet they resisted removing them. These subsidies were established in the 1970s following a global oil shock. Every attempt to reform the system was met with fierce opposition. Indeed, in 2012, Nigeria's previous administration attempted to eliminate the subsidy, but the government eventually abandoned those efforts and reinstated part of the subsidy. President Tinubu's decision to abolish the subsidy upon his inauguration in May 2023 was both economically and politically daring. The immediate aftermath was dire. Petrol prices soared, transportation costs escalated, businesses faced higher operating expenses, and food prices increased. Millions of Nigerians endured a significant deterioration in their purchasing power. It is accurate to claim that the surge in fuel prices following the removal of the subsidy exacerbated poverty among millions of Nigerians. Acknowledging this harsh reality is necessary; however, it is equally important to recognize that a reform's initial hardships do not inherently make the reform incorrect. This principle applies to the foreign exchange reform as well. For years, Nigeria operated with multiple exchange-rate windows, providing various individuals and institutions access to dollars at markedly different rates. This system fostered arbitrage and made it challenging to ascertain the genuine cost of foreign exchange. The Central Bank of Nigeria (CBN) addressed this by moving toward a more unified, market-driven foreign exchange system. The immediate outcome was painful, with the naira depreciating sharply and imported goods becoming more expensive. Ordinary Nigerians felt the impact through food, medicine, transportation, school fees, and virtually every aspect of daily life. Nonetheless, there exists a distinction between uncovering the genuine price of something and perpetually maintaining a false perception of affordability. The true cost of the dollar was an illusion that could not sustainably be upheld through subsidies. This is where Dangote's endorsement of Tinubu holds significance. Dangote's enterprises are not ordinary businesses; they are colossal industrial organizations necessitating substantial capital, long-term planning, imported machinery, foreign exchange, and confidence in Nigeria's economic stability. The refinery itself, estimated at approximately $20 billion and currently operating at a capacity of 700,000 barrels per day, exemplifies this remarkable feat. The ramifications for ordinary Nigerians are profound. As industrialization cascades through various sectors, the benefits of big business eventually extend beyond the billionaire who owns the enterprise. This is the core insight often overlooked in political debates. It is through such productive mechanisms that countries can attain prosperity. Nigeria's economic trajectory has predominantly been driven by distribution. The government must ensure that the savings and additional revenues generated by reforms are effectively channeled into tangible public benefits. This is why Dangote's praise of Tinubu should be interpreted not merely as a billionaire acknowledging a president.",
  "summary": "OLAKUNLE AKINMOSA argues why Dangote’s ‘thank-you’ to Tinubu matters On Monday, September, 14, when Africa’s richest man, Aliko Dangote, publicly thanked President Bola Ahmed Tinubu for removing fuel subsidy and",
  "key_points": [
    "President Bola Tinubu removes fuel subsidies, reforms foreign exchange system",
    "Aliko Dangote praises Tinubu for bold economic steps",
    "Dangote Refinery, Africa's largest IPO, symbolizes Nigeria's economic transformation"
  ],
  "editors_take": "President Tinubu's economic reforms, though initially burdensome to ordinary Nigerians, can lead to a stronger economy where businesses and citizens thrive if the reforms endure and translate into a more productive economy.",
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}