Sell crude to Dangote in naira, NLC tells FG
The Nigeria Labour Congress has urged the Federal Government to make selling crude oil to the Dangote Refinery a priority in Naira, stating that this approach could reduce fuel prices and enhance domestic refining capacity.During a visit on Tuesday to the Dangote Petroleum Refinery and Fertilizer Ltd. by members of the Labour Writers Association of Nigeria and NLC representatives, Lagos State NLC Chairperson Funmi Sesi cautioned that compelling the refinery to import crude or to pay in dollars for local supplies might obstruct the expected decrease in fuel prices for Nigerians.
“This nation possesses abundant crude oil. Why is Dangote still importing crude or paying in foreign currency for domestically sourced crude?” she queried.
“If the government genuinely intends to reduce fuel prices and support local refining, it should sell crude oil to Dangote in Naira,” she indicated.
Sesi emphasized that obtaining crude locally and transacting in Naira would dramatically reduce operational expenses, allowing for a consistent decline in fuel prices.
She praised Dangote Ltd. for establishing a transformative national asset that fills Nigeria’s fuel supply gap, creates jobs, and boosts industrial capacity.
As she noted, the scale and strategic significance of the investments made by the Dangote Group are already producing measurable benefits for Nigerians.
“Today, we witnessed the refinery, the fertilizer plant, and other projects in this area. The magnitude and influence are vast and remarkable,” she remarked.
She characterized these initiatives as intentional efforts to increase the availability of essential products, create jobs, and advance Nigeria’s industrialization.
Reflecting on the steep climb in Premium Motor Spirit (PMS) prices after the withdrawal of petrol subsidies, Sesi mentioned that the introduction of Dangote’s refinery had contributed to market stabilization. She pointed out that the operations of the refinery have considerably lowered PMS and other refined product prices, highlighting the private sector's ability to spearhead the industry.
“With a capacity of 650,000 barrels per day, this refinery can cater to Nigeria and West Africa. We also observed large vessels exporting fertilizers to other nations,” she elaborated.
She commended Aliko Dangote for setting up a fully operational, world-class refinery that can fulfill both domestic and regional refined petroleum requirements.
Sesi also acknowledged the production of Euro-5-compliant fuel with diminished sulphur content, stressing that it meets global environmental standards and enhances Nigeria’s standing in the international market.
“This is the pride we aspire to — a Nigerian enterprise manufacturing to global standards, redefining the narrative, and elevating our international profile,” she stated.
Leave A Comment