The Nigeria Labour Congress (NLC), Lagos Council, has praised Dangote Refinery’s decision to reduce fuel prices, calling it a timely intervention for a nation grappling with economic hardships.
NLC State Chairman Funmi Sessi, in a statement on Wednesday, expressed optimism that the move would alleviate the soaring costs of transportation, goods, and services, offering much-needed financial relief to millions of Nigerians struggling with the high cost of living.
“This adjustment promises to bring significant relief for Nigerians who have been battling with high fuel prices and inflation,” Sessi remarked, highlighting the critical role of Dangote Refinery in the sector.
Sessi emphasized that the refinery’s production capacity—approximately 650,000 barrels per day—has not only dwarfed the combined output of the Port Harcourt refinery and other refurbished facilities but has also introduced healthy competition within the industry.
“With Dangote’s massive contribution, we are already witnessing a reduction in petroleum prices. Without this intervention, the government would likely still rely heavily on fuel imports,” she noted.
Beyond domestic relief, Dangote Refinery has begun exporting petroleum to neighboring countries like Ghana and Togo. This development, Sessi observed, has the potential to stabilize Nigeria’s currency, a critical concern for the nation’s economic outlook.
“At this instance, we want to commend Dangote’s timely efforts. Exporting petroleum not only strengthens our economy but also enhances the naira’s value within the West African region,” she added.
Sessi urged the government to foster an environment that encourages more private players to enter the sector, fostering competition that benefits the average Nigerian. She also lauded the National Assembly’s initiative to promote the domestication of Nigeria’s currency, emphasizing the urgency of restoring the naira’s strength.
As the country anticipates the proposed 2025 budget, Sessi expressed hope that strict implementation could signal an economic revival. However, she stressed the importance of continued support for initiatives like Dangote’s that prioritize national progress.
The NLC’s endorsement of Dangote Refinery’s fuel price slash signals optimism for Nigerians who have endured prolonged economic pressures, spotlighting private sector contributions as a key factor in driving sustainable economic recovery.