*The leadership of the Ogun State Chamber of Commerce, Industry, Mines, and Agriculture applauds the marked contributions of Dangote Petroleum Refinery to Nigeria, and its role in revitalising the private sector of the country’s economy

Alexander Davis | 绿帽献妻

The Ogun State Chamber of Commerce, Industry, Mines, and Agriculture (OGUNCCIMA) has applauded the monumental contributions of Dangote Petroleum Refinery to the Nigerian economy and its role in revitalising the private sector.

The Dangote Refinery said to be flagship industrial project has not only reshaped the West African country鈥檚 energy landscape, but also created opportunities for private enterprises and driven sustainable economic growth.

Speaking on behalf of OGUNCCIMA, Lion Niyi Oshiyemi, President of the Chamber, in a statement Tuesday, November 26, 2024, lauded the Refinery鈥檚 achievements, emphasising its transformative impact on key economic sectors.

Dangote Refinery, a game-changer for Nigerian economy: Oshiyemi

Oshiyemi also said: 鈥淭he Dangote Refinery is a game-changer for Nigeria鈥檚 economy.

“With a capacity to refine 650,000 barrels of crude oil daily, it has reduced Nigeria鈥檚 reliance on imported petroleum products, conserved foreign exchange, and fortified our energy security.

“This milestone reinforces the critical role the private sector plays in national development.”

He also stated: “The impact of Dangote Refinery on the private sector is profound.

“By creating thousands of direct and indirect jobs, the refinery has stimulated economic activities across multiple industries.

“From manufacturing to logistics, the project has provided businesses with opportunities to grow and innovate.”

The President of OGUNCCIMA further said: 鈥淭he Refinery鈥檚 operations have created employment for Nigerians at all levels while fostering technology transfer and skills acquisition.

“This has strengthened local businesses and equipped them with the tools to compete in domestic and global markets.”

Oshiyemi as well noted the emphasis on local content has been a cornerstone of Dangote Refinery鈥檚 strategy.

By sourcing materials locally and partnering with indigenous companies, the $20 billion Refinery has supported the growth of Nigerian enterprises and encouraged investments in infrastructure, engineering, and technology.

The Chamber stated that the ripple effects of the Dangote Refinery extend beyond the energy sector.

Its presence has catalysed industrialisation by attracting investments in related sectors such as petrochemicals, manufacturing, and transportation.

This multiplier effect has significantly expanded Nigeria鈥檚 industrial base and enhanced the nation鈥檚 economic competitiveness.

OGUNCCIMA also highlighted the refinery鈥檚 contributions to addressing Nigeria鈥檚 balance of trade challenges.

By producing refined petroleum products domestically, the refinery has reduced the need for costly imports while positioning Nigeria as a potential exporter of refined products within the African continent, it said.

The impact of Dangote Refinery goes beyond Nigeria鈥檚 borders, as it addresses Africa鈥檚 critical energy deficits and trade imbalances.

By meeting the energy demands of neighboring countries and promoting intra-African trade, the refinery aligns with the objectives of the African Continental Free Trade Area (AfCFTA), OGUNCCIMA noted.

Oshiyemi averred: 鈥淭his refinery is a shining example of what can be achieved through visionary leadership and investment in strategic sectors. “It demonstrates Africa鈥檚 potential to compete globally and foster regional integration.”

Besides its economic contributions, Dangote Petroleum Refinery has maintained a strong commitment to corporate social responsibility.

The Dangote Group鈥檚 investments in education, healthcare, and infrastructure have improved the quality of life for many Nigerians and strengthened community resilience, stated he.

The President of OGUNCCIMA also said: “Dangote Refinery exemplifies the role of private sector enterprises in driving social progress alongside economic development.

“Its initiatives in healthcare and education are building a brighter future for Nigerians.”

OGUNCCIMA, therefore, urged stakeholders across public and private sectors to emulate the Dangote Refinery鈥檚 innovative approach to development.

By fostering partnerships and investing in transformative projects, Nigeria can achieve sustainable economic growth and reduce its reliance on external resources, it stated.

Oshiyemi added: “This refinery stands as a model for what is possible when the private sector leads with vision and commitment.

“We call on all stakeholders to collaborate and replicate such success stories to build a resilient, self-reliant, and prosperous Nigeria.”

It is recalled that Dangote Refinery recently slashed the price of its petrol to N970 per litre to oil marketers, while assuring that further reduction is still possible in a foreseeable future.

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