The Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture has listed important reasons why the federal government should protect local enterprises like the Dangote Refinery.
The national president of the association, Dele Oye, stated that undermining a refinery of this size would be counterproductive and detrimental to the interests of the country.
He called on all interested stakeholders to support the $19 billion project and ensure its success and full operation.
Oye said “Protecting local industries like the Dangote Refinery is not just about ensuring the cheapest product in the market. It is about domestic supply security, driving globally competitive industries, maximizing linkages within the local economy, creating jobs, reducing foreign exchange expenses, and strengthening the Naira.
“Nigeria must not be shortsighted. Undermining local industries, especially those of such scale and significance, is self-defeating and harmful to our national interests.
“NACCIMA stands in full support of the Dangote Refinery and calls on all stakeholders to prioritize the refinery’s success for the greater good of Nigeria.”
Oye further listed some important justifications for why the federal government needs to ensure that local businesses like the Dangote Refinery are fully operational and shielded from saboteurs.
Job Creation: Local industries are major sources of employment. By protecting and promoting these industries, countries can reduce unemployment rates and provide stable jobs for their citizens.
Economic Diversification: The economy is better protected against changes in the global market by relying on a variety of industries.
Domestic Supply Security: By defending local businesses, you can lessen your dependency on imports by ensuring that necessities are created locally.
Increased GDP and Economic Output: A strong industrial base contributes significantly to a country’s Gross Domestic Product (GDP).
Foreign Exchange Savings: Local production of commodities lowers the demand for imports, preserving foreign exchange reserves.
The Dangote Refinery is currently facing criticism from Nigeria’s oil regulatory bodies, particularly the Nigerian Midstream and Downstream Petroleum Regulatory Authority.
The head of NMDPRA, Farouk Ahmed had alleged that the refinery and other local facilities generate fuel with excessive sulfur levels, up to 650 parts per million (ppm).
