Nigeria is greater than PENGASSAN - Shettima

...we must support Dangote to succeed 

By Olakunle Oke

Vice President Kashim Shettima has said the Dangote Refinery must be protected at all costs describing it as a national asset and a symbol of investor confidence in Nigeria’s economy.

Speaking at the 31st Nigerian Economic Summit (NES31) in Abuja, themed “The Reform Imperative: Building a Prosperous and Inclusive Nigeria by 2030,” Shettima said the $20 billion refinery represents a monumental private-sector commitment that deserves national support and protection.

The vice president’s statement comes amid ongoing industrial tension between the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) and the 650,000-barrel-per-day Dangote Refinery. The dispute, which recently triggered a nationwide strike by oil workers, has disrupted energy supply and reignited debate over labour relations in the sector.

“Aliko Dangote is not an individual; he’s an institution and a leading light in Nigeria’s economic parliament,” Shettima said. “How we treat this gentleman will determine how outsiders will judge us. If he had invested $10 billion in Microsoft, Amazon, or Google, he might be worth $70 to $80 billion today but he chose to invest in his country.”

He urged labour unions and private-sector stakeholders to exercise restraint and patriotism, warning against actions that could undermine national stability or erode investor confidence.

“We owe it to future generations to protect, promote, and preserve the interests of this great nation,” Shettima said. “It’s not about holding the whole nation to ransom over a minor labour dispute. Nigeria is greater than PENGASSAN. Nigeria is greater than each and every one of us.”

Earlier, Chairman of the Nigerian Economic Summit Group (NESG), Olaniyi Yusuf, observed that foreign direct investment inflows into Nigeria remain weak despite slight improvements in fiscal conditions.

Yusuf stressed that the way Nigeria treats its domestic investors sends a powerful signal to foreign investors about the stability and credibility of its business environment.

“Policy predictability, investment protection, and transparent mechanisms for resolving business disputes are critical to rebuilding trust in the economy,” he said.

While acknowledging modest progress in fiscal management, Yusuf noted that the economy still faces major challenges, including high inflation, rising debt-service obligations, and subdued investor confidence.

He called for stronger collaboration between government and private-sector stakeholders to deepen reforms and drive inclusive, sustainable economic growth.

In the same vein, the Centre for the Promotion of Private Enterprise has urged the Nigerian government to come up with a policy framework to prevent the unlawful shutdown of businesses in the country. CPPE Chief Executive Officer, Muda Yusuf disclosed this in a recent statement.

According to the economic think-tank, a policy to protect investors is a national economic imperative. 

CPPE added that the move would further boost and strengthen investors’ confidence and would safeguard investment from labour union disruptions. Protecting investors and employers is not a privilege, it is a national economic imperative.

“Investors mobilise capital, create jobs, and generate the tax revenues that sustain government and society. Without them, there can be no sustained growth, no employment, and no national prosperity. Nigeria must, therefore, urgently institutionalise a fair, secure, and predictable business environment that protects those who take risks to create wealth. This is not about weakening labour unions but about balancing rights and responsibilities to foster sustainable economic growth, social stability, and national security,” the statement reads.

Meanwhile Dangote Petroleum Refinery over the weekend expressed profound appreciation to President Bola Ahmed Tinubu for his timely intervention in averting what it described as “the disruptive actions of PENGASSAN” against the company.

The company in a statement said the President’s leadership, through his ministers and senior government officials, ensured the restoration of order and stability to the energy sector at a critical moment.

“Dangote Refinery is grateful to the President of the Federal Republic of Nigeria, HE Bola Tinubu, GCFR for his intervention, through his Ministers and senior officials, which resulted in the abatement of the disruptive actions of PENGASSAN against the Refinery,” the statement read.

According to the company, among the key government officials who worked “tirelessly” to restore normalcy were Nigeria’s Security Chiefs, led by the National Security Adviser, Mallam Nuhu Ribadu; the Director General of the Department of State Services (DSS), Mr. Adeola Toyin Ajayi; and the Director General of the National Intelligence Agency (NIA), Mr. Mohammed Mohammed.

The company also commended the efforts of other senior government officials who worked “untiringly and determinedly into the wee hours of several nights to avert the declared disruption of Nigeria’s energy sector by anarchists and agents of darkness.”

These, it said, included the Honourable Minister of Labour and Employment, Dr. Mohammed Dingyadi; the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun; the Honourable Minister of Budget and Economic Planning, Senator Abubakar Bagudu; and the Honourable Minister of State for Labour and Employment, Hon. Nkeiruka Onyejeocha.

“We remain very grateful to these officials for their patriotism and national service,” it added.

Dangote Refinery extended heartfelt gratitude to Nigerians for their overwhelming public support during the crisis.