The Enugu Chamber of Commerce, Industry, Mines and Agriculture (ECCIMA) has called on Nigerians to rally round the Dangote Refinery to enhance the growth of the economy.
It noted that the over reliance on imported goods and services would never augur well for the nation and, therefore, urged every Nigerian to encourage local productivity.
The President of ECCIMMA, Odeiga Jideonwo, who made the call in a release to the media, said they had been closely watching and monitoring events surrounding the nation’s economy in recent times and had come to the conclusion that the “continuous depreciation of the Naira would bring about low local production capacity of our country.”
Jideonwo said, “The high level of importation of finished goods remains the major reason for the continuous decline of the Naira, especially when we continue to import products that can be sourced or produced locally.
“Our recent study of China reveals that the economic growth being experienced in China presently is a function of a strict policy of the Government to support locally based or indigenous companies to produce for 100 per cent local consumption as well as for export.
“With their local consumption demand being satisfied by goods produced locally, they have settled, to a large extent, the major economic issues of exchange rate. Interestingly, stepping it up to manufacturing various products for export, helps China build its foreign reserves which as of September 2024, was $3.3 billion. This is more than twice the size of Japan’s reserve. This feat by China remains the result of the decisive policies of the Government and the good people of China.”
He said further, “The Dangote Petroleum Refinery is currently one of Nigeria’s gifts that need to be encouraged at this time when the economy of Nigeria is declining. Since oil is currently the major source of foreign earnings for Nigeria, players in the industry that have shown capacity in moving the country from net exporter of crude oil to also exporter of refined petroleum products, should be encouraged by the government and indeed all stakeholders.
“Dangote Petroleum Refinery is a timely private sector initiative whose impact on the economy would not be underrated. ECCIMA believes that the byproducts of this refinery, which has the capacity to refine 650, 000 barrels per day and has increased production from 25 million litres to 30 million litres in October 2024, will be ancillary to other indigenous companies and this will indeed foster economic growth.
“It is obvious that the growth of Dangote Petroleum Refinery is necessary as it remains the core, for the needed diversification of our economy. Every other sector will definitely need the byproducts of this refinery. Nigeria’s foreign earnings will also grow if Dangote’s refined petroleum products are exposed and accepted in the international market.
“With these, therefore, ECCIMA calls on the government and all stakeholders to rally round the Dangote Petroleum Refinery, as well as other local manufacturers and industries, for the growth of the nation’s economy.”
