The Nigeria Labour Congress (NLC) has lauded the recent reduction in fuel prices by Dangote Refinery, describing it as a significant economic relief for Nigerians.
Speaking to journalists on Tuesday, Funmi Sessi, the NLC Chairman for the Lagos Council, stated that the refinery’s timely intervention has provided much-needed hope for citizens facing the challenges of high living costs.
Sessi expressed optimism that the price cut would help lower transportation costs, reduce the prices of goods and services, and ease financial pressures on the populace. She emphasized that the refinery’s operations have introduced competition in the oil sector, which is already yielding positive outcomes.
“This development promises to provide relief for millions of Nigerians who have been battling rising fuel prices and living costs,” Sessi said. “Without Dangote Refinery, the government would still be relying heavily on fuel imports. With Dangote producing about 650,000 barrels per day, alongside contributions from the Port Harcourt refinery and another refurbished refinery producing 210,000 barrels per day combined, we are seeing a transformative shift in the sector.”
Sessi highlighted that the refinery’s production capacity has not only reduced fuel prices domestically but also enabled Nigeria to export petroleum products to neighboring countries like Ghana and Togo. “This will contribute to stabilizing our currency and boosting economic growth,” she noted.
She praised Dangote for creating healthy competition within the sector and called on other stakeholders to follow suit. “We must give credit to Dangote for this initiative and appreciate this timely intervention. It sets an example that other players should emulate for the benefit of all Nigerians,” she added.
Sessi also mentioned the ongoing efforts by the National Assembly to promote domestic use of the naira. “It is concerning that our currency is losing strength even within the West African region. The government should support Dangote and encourage more private sector participation to foster competition and economic stability,” she said.
On the proposed 2025 budget, Sessi expressed hope for economic recovery if the Federal Government commits to its implementation. “The budget offers a glimmer of hope for Nigeria. With strict implementation, we expect improvements in security, food production, and other critical areas,” she concluded.
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