Dangote Refinery will boost GDP, economic output — NACCIMA
The Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) has outlined key reasons for the federal government to safeguard local industries, such as the Dangote Refinery, amid ongoing disputes with oil regulators.
The National President of the association, Dele Oye, stated that undermining the refinery of such magnitude is self-defeating and harmful to the national interest.
He urged all interested stakeholders to support the $19 billion project, ensuring its success and full operation to secure Nigeria’s energy future.
“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, maximising 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 prioritise the refinery’s success for the greater good of Nigeria,” Oye said.
Speaking further, Oye outlined eleven key reasons why the federal government must protect local industries like Dangote Refinery from saboteurs and ensure it reaches full operation.
He said local industries are significant sources of employment. By protecting and promoting these industries, countries can reduce unemployment rates and provide stable jobs for their citizens.
“Relying on a diverse range of industries helps insulate the economy from global market fluctuations. Protecting local industries ensures that essential goods and services are produced domestically, reducing reliance on imports.
“By investing in and protecting these industries, countries can foster an environment where innovation thrives, leading to new technologies and improved efficiencies that can be leveraged across the economy.”
He added that a strong industrial base contributes significantly to a country’s Gross Domestic Product (GDP).
“Producing goods locally reduces the need for imports, which helps conserve foreign exchange reserves.
“Protecting local industries often involves supporting SMEs, which are the backbone of many economies.
“A country that can produce a significant portion of its goods and services locally is less vulnerable to external economic pressures and trade disruptions.
“Local industries can drive development in various regions of a country, reducing regional imbalances and promoting more equitable economic development,” he said.
