The Nigeria Labour Congress (NLC), Lagos Council, has praised Dangote Refinery for its recent reduction in fuel prices, describing the move as a vital economic relief for Nigerians. This commendation was made by the NLC State Chairman, Funmi Sessi, in a statement issued on Wednesday in Lagos. She emphasized that the refinery’s initiative has come at a critical time for the nation, as reported by the News Agency of Nigeria.
Sessi expressed optimism that the price reduction would significantly ease transportation costs, lower the prices of goods and services, and provide financial relief for citizens burdened by the rising cost of living. “This adjustment promises to offer much-needed relief for millions of Nigerians who have been grappling with high fuel prices and the increasing cost of living,” she said.
She also highlighted Dangote Refinery’s critical role in reducing Nigeria’s dependence on imported fuel. “Without the intervention of Dangote Refinery, the government might still be importing fuel. Currently, Dangote produces approximately 650,000 barrels of fuel daily, while the Port Harcourt refinery and other refurbished ones collectively produce only about 210,000 barrels daily. This is less than half of what Dangote is producing. Dangote’s efforts have brought healthy competition to the sector, and we are already witnessing a reduction in petroleum prices,” she stated.
Furthermore, Sessi noted that the refinery had commenced exporting petroleum products to neighboring countries, such as Ghana and Togo, which she believes will help stabilize Nigeria’s currency. “At this juncture, we must commend Dangote for its timely intervention. The National Assembly is also working on a bill to encourage the domestication of our currency. It is disheartening to see that the Nigerian currency has lost significant strength, even within West Africa. Therefore, the government must support Dangote and welcome more players into the sector. This will promote healthy competition and economic stability,” she added.
Sessi stressed the importance of such initiatives in addressing Nigeria’s economic challenges and urged other stakeholders to emulate the Dangote Group’s proactive measures. “We embrace this relief, which will benefit many Nigerians struggling under the weight of the high cost of living. We encourage other stakeholders to follow Dangote’s example to benefit the country as a whole,” she stated.
Regarding the proposed 2025 budget, Sessi expressed hope that its proper implementation would lead to economic recovery. “With the new budget, there is hope for Nigeria, especially if the government ensures strict adherence to its implementation. This can lead to improvements in security, food production, and other critical sectors of the economy,” she concluded.
The NLC continues to advocate for policies and initiatives that alleviate economic hardships while fostering sustainable development in Nigeria.