The Coalition of Nigerian Youth Leaders (CONYL) a body of youth groups drawn across the six geopolitical zones of Nigeria, has commended Aliko Dangote, president, Dangote Group for setting up a petroleum refinery in Nigeria.
They said that the refinery, if allowed to function optimally, would help solve the aged-longed problem of fuel, kerosene and other petroleum products scarcity in the country.
The group in a statement, signed by Goodluck Ibem, its president general and made available to BusinessDay, stated that Dangote had shown that he is a patriotic Nigerian, who believes in his country, for making such a huge investment in his country, when other top indigenous entrepreneurs are investing outside of the country.
Read also: Dangote-regulator rift threatens jobs, investments
“The ripple effect of this refinery will solve the problem of high cost of goods and services, as prices of fuel, kerosene and other petroleum products,which has been one of the major reasons for high cost of food, transportation, and other necessities would come down
“It will help stabilize the naira, as the nation would begin to get foreign exchange from export earnings from the refinery.
“Consequently, the demand for dollar and other foreign currencies will reduce while increasing the demand for the naira making the naira to stand firmly on its feet to compete favorably with the currency of other nations”
They argued that not supporting Dangote Refinery to function in full capacity will chase away local and foreign investors from investing in the country.
According to the statement, prospective foreign investors will find it difficult to invest in Nigeria if the investment of a local entrepreneur is not allowed to operate. They described the refinery as solution to fuel subsidy payments, as the issue of subsidy will be gone for good and forever.
Join BusinessDay whatsapp Channel, to stay up to date
Open In Whatsapp
