Considering the current economic challenges facing the Nigerian economy, the Lagos Chamber of Commerce and Industry (LCCI) has urged the Federal Government to provide special support mechanisms to strategic companies and industries that play critical roles in achieving inclusive economic growth.
The Director General of LCCI, Dr. Chinyere Almona, who disclosed this in Lagos in a statement said the major recent improvements recorded in Nigeria’s economy could be attributed to the game-changing interventions of key players in the private sector.
She said as Nigeria strives to stabilize prices, boost FOREX inflows, and attract Foreign Direct Investments (FDIs), it is imperative to recognize the pivotal role that certain companies play in driving growth, fostering innovation, and creating employment opportunities.
“These strategic companies, often operating in key sectors such as manufacturing, agriculture, technology, and infrastructure, serve as the backbone of the economy, contributing significantly to its stability and resilience.,” she added.
The LCCI acknowledges the significant impact that Dangote Refinery is beginning to make on Nigeria’s economy, particularly in achieving national self-sufficiency in the production of diesel and aviation fuel.
She said “the 650,000 barrels per day refinery, a project of monumental scale, has started to fulfill its promise by addressing critical issues in the Nigerian energy sector.” It was reported that with 100 million litres of diesel pumped into the market last week, the Dangote Refinery helped crash the price of diesel from about N1,800 to N1,225 per litre. With another tranche of supply in the coming days, the price of diesel is expected to drop to a low of about N1,000 per litre. “
Speaking further she said “If the refinery commences the production of Premium Motor Spirit (PMS) next month, petrol prices are also expected to dip, creating a great relief on cost of energy across all sectors of the economy.” The LCCI also recognizes the refinery’s contribution to enhancing energy security and reducing the country’s reliance on imported fuel, adding that the availability of locally produced diesel signifies a significant step towards achieving self-sufficiency in energy production, ultimately bolstering Nigeria’s economic resilience.