Dangote boosts Nigeria's foreign exchange with $687,977m returned ffrom its Africa operations

Dangote Industries Limited (DIL) has stated that its pan-African operations have boosted Nigeria's foreign exchange market with $687,977 million.

The company revealed that it has returned about $576.009 million via various commercial banks in Nigeria, in addition to a $111.968 million cash swap arrangement between Dangote Cement Plc and Ethiopian Airlines.

Dangote praises Tinubu's effort to move the economy forward

Leadership reported that the company stated that the move had saved Nigeria the amount that would have been paid by the Central Bank of Nigeria (CBN).

It stated this in a statement sent to journalists, reaffirming its belief in Nigeria.

It noted that the government of President Bola Tinubu has shown the resolve to move the Nigerian economy forward.

The company said: "We believe in Nigeria, and we believe in Africa. We are genuine and authentic about our investments, and we call on all relevant agencies to investigate our FX transactions in the past ten years and make public any infraction noticed or discovered."

The firm insisted that all foreign exchange purchases regarding its African project expansion were authentic and fully used for what they were meant for.

It stated that the project for which the company utilized the foreign exchange is visible to everyone.

Dangote Industries reveals that its projects were visible

The company announced that it is on record that some projects were commissioned by top government officials and attended by chief executives of various banks and industry captains, among others.

The company stated that the commissioning events of the projects were well-recorded and covered by both local and international media.

The development comes as the company refuted allegations by BUA Industries that Dangote Industries engages in forex manipulations and fraud.