The Nigeria Labour Congress (NLC) has praised Dangote Refinery for its recent reduction in fuel prices, describing the move as a timely intervention to alleviate the financial burden on Nigerians. The commendation was delivered on Tuesday by Funmi Sessi, Chairman of the Lagos Council of the NLC, during an interaction with journalists.
Sessi highlighted the significant impact of the refinery’s operations, emphasizing the relief it provides amid rising costs of living. She expressed optimism that the price reduction would lead to lower transportation costs, decreased prices for goods and services, and financial relief for citizens.
“This adjustment promises to offer much-needed relief for millions of Nigerians who have been grappling with high fuel prices and the rising cost of living,” Sessi stated.
She noted that the refinery’s production capacity of approximately 650,000 barrels per day surpasses the combined output of 210,000 barrels per day from the Port Harcourt refinery and another refurbished refinery. According to Sessi, this has introduced a competitive dynamic in the petroleum sector, resulting in reduced prices and enhanced market stability.
“Without Dangote Refinery, fuel imports would likely continue unabated. Now, we are witnessing the benefits of domestic production, including exports to neighboring countries like Ghana and Togo, which is also helping to stabilize the naira,” she added.
Sessi urged the Federal Government to support Dangote and encourage other players to enter the market, noting that competition is essential for driving further economic relief. She also called on stakeholders to emulate Dangote’s approach for the collective benefit of Nigerians.
In her remarks on the state of the naira, Sessi referenced ongoing legislative efforts to promote the domestic use of Nigeria’s currency, stressing the importance of restoring its strength within the West African region.
Turning to the proposed 2025 budget, the NLC Lagos Chairman expressed hope for economic revival, contingent on the government’s commitment to strict implementation.
“With the budget, there is hope for Nigeria. Especially if the government is strict in its implementation, we will see improvements in security, food production, and other critical areas,” she concluded.
The commendation from the NLC reflects widespread recognition of Dangote Refinery’s role in addressing fuel challenges and contributing to economic stability in Nigeria.
Comments