The Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) has called for unwavering support for the Dangote Refinery, emphasizing constructive dialogue among stakeholders to bolster local industries and safeguard Nigeria’s economic future.
In a statement, Dele Kelvin Oye, National President of the association described the Dangote Refinery as a monumental achievement in Nigeria’s industrial sector and a symbol of black African innovation and entrepreneurship. The association stressed that undermining such a pivotal project would be counterproductive and detrimental to Nigeria’s development aspirations.
According to him, protecting local industries is crucial for the economic growth of any country as it has the potential for Job Creation, Economic Diversification, Domestic Supply Security, Technological Advancement and Innovation, Increased GDP and Economic Output, Foreign Exchange Savings, Encouragement of Small and Medium Enterprises (SMEs), Enhanced Economic Sovereignty, Promotion of Regional Development, Strengthening National Identity and Pride and Positive Trade Balance,
“Local industries are significant sources of employment. By protecting and promoting these industries, countries can reduce unemployment rates and provide stable jobs for their citizens. This, in turn, increases household incomes and boosts overall economic activity.
“Increased GDP and Economic Output
A strong industrial base contributes significantly to a country’s Gross Domestic Product (GDP). Local industries add value through producing goods and services, which stimulates economic growth and increases the country’s economic output.
“Foreign Exchange Savings
Producing goods locally reduces the need for imports, which helps conserve foreign exchange reserves. This is particularly important for countries with limited foreign exchange resources, as it helps stabilize the national currency and improve the balance of payments,” he said
He added that protecting local industries is not just about shielding them from external competition but about creating a favourable environment where they can thrive and contribute to the overall economic health of the country.
He therefore advised Policymakers to strike a balance between protectionism and openness to ensure that local industries can compete globally while also supporting domestic economic goals.
NACCIMA highlighted the historical challenges faced by the Nigerian National Petroleum Corporation (NNPC) with the turnaround maintenance of the Port Harcourt refinery and the poor state of the Warri and Kaduna refineries.
Given these issues, NACCIMA urged the NNPC to avoid public disputes with the Dangote Refinery. Instead, the association advocated for constructive dialogue and cooperation to ensure the refinery’s success and optimal performance. Public squabbles, the association warned, could erode investor confidence and tarnish Nigeria’s image on the global stage.
The association therefore appealed to all parties involved to resolve their differences through private, constructive dialogue, away from the public eye. NACCIMA stressed the importance of fostering a collaborative environment that encourages investment and supports local industries.
NACCIMA also urged Aliko Dangote to remain steadfast in his commitment to investing in Nigeria’s industrial future. The association acknowledged Dangote’s significant contributions to the economy and highlighted his promise to invest in the steel industry, further solidifying Nigeria’s industrial base and economic resilience.
“Protecting local industries like the Dangote Refinery is not just about ensuring the cheapest product in the market. It is about securing domestic supply, driving globally competitive industries, maximizing linkages within the local economy, creating jobs, reducing foreign exchange expenses, and strengthening the Naira,” NACCIMA argued.
