NACCIMA, the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture, has praised the federal government’s intervention in the controversy involving the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and Dangote Refinery, but it has also called for the protection and support of local industries.
National President of NACCIMA, Dele Oye, made the demand in a statement made available to Vanguard.
Oye added that safeguarding indigenous industry is vital for the economic success of any country. He pointed out that among other things, local industries play a major role in foreign exchange savings, technological innovation and advancement, job creation, economic diversity, domestic supply security, and higher GDP and economic production.
“Protecting local industries like the Dangote Refinery is not just about ensuring the cheapest product in the market. It is about domestic supply security, driving globally competitive industries, maximizing linkages within the local economy, creating jobs, reducing foreign exchange expenses, and strengthening the Naira.
“Undermining local industries, especially those of such scale and significance, is self-defeating and harmful to our national interests.
“Protecting local industries is not just about shielding them from external competition; it is about creating a favorable environment where they can thrive and contribute to the overall economic health of the country.
“Policymakers must strike a balance between protectionism and openness to ensure that local industries can compete globally while also supporting domestic economic goals,” he stated.
Aliko Dangote, President of the Dangote Group; Farouk Ahmed, Chief Executive of NMDPRA; Gbenga Komolafe, CEO of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC); and Mr. Mele Kyari, GCEO of the Nigerian National Petroleum Corporation Limited (NNPCL), were all present at the high-level meeting, which the NACCIMA President praised Heineken Lokpobiri, Minister of State Petroleum Resources, for calling in order to resolve the ongoing issues surrounding the Dangote Refinery.
His words: “The Dangote Refinery stands as one of the 8th wonders of the world, a symbol of black African innovation and entrepreneurship. It represents a monumental achievement in Nigeria’s industrial sector and is crucial for the nation’s economic growth and energy security.
“NACCIMA strongly believes that undermining such a pivotal project is counterproductive and detrimental to Nigeria’s development aspirations.”
Oye urged to all parties concerned to resolve their differences through private, productive discourse, away from the public eye.
“It is essential to foster a collaborative environment that encourages investment and supports local industries,” he added.
