Dangote Refinery is under fire from the Nigeria Labour Congress (NLC) for the recent fuel price cut, which it says is a welcome economic boost for Nigerians. Comrade Funmi Sessi, the Chairman of the NLC Lagos Council, told reporters that the Dangote Refinery has arrived at the ideal moment.
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She was hopeful that the cut will help individuals who are struggling financially due to the high cost of living, relieve transit expenses, and lower the prices of goods and services. “Millions of Nigerians who have been struggling with high fuel prices and the rising cost of life are expected to receive much-needed respite from this adjustment.
“We think the government would still import fuel if it weren’t for the Dangote refinery. However, Dangote is currently producing roughly 650,000 barrels per day, compared to 210,000 barrels per day at the Port Harcourt refinery and the other renovated one. which does not even come close to matching Dangote’s output.
As a result, there is now healthy competition in the industry, petroleum prices are beginning to decline, and Dangote has even begun exporting petroleum to nations like Ghana and Togo. This implies that our own currency will become more stable. We would like to offer it to Dangote in this case. We value its prompt intervention as well. Remember that the National Assembly is working on a law that will require Nigerians to begin using their own currency.
The fact that our currency has lost strength, especially in West Africa, is really depressing. Therefore, the government should support Dangote and new competitors as this will foster healthy competition. For the sake of all Nigerians, Sessi added, “We welcome this relief, which will help many Nigerians struggling due to the high cost of living, and we urge other stakeholders to emulate the Dangote Group’s example.”
According to Comrade Sessi, there is potential for the economy to recover if the government can enforce the proposed 2025 budget strictly. We can see that Nigeria has hope thanks to the budget. Security, food production, and other areas will improve, she claimed, particularly if the government can enforce its policies strictly.
