The Nigeria Labour Congress (NLC), Lagos Council, has praised Dangote Refinery for its recent reduction in fuel prices, describing the move as a much-needed economic reprieve for Nigerians grappling with the rising cost of living.
In a statement on Wednesday, NLC Lagos State Chairman, Funmi Sessi, highlighted the positive ripple effects of the price slash, including reduced transportation costs, lower prices for goods and services, and financial relief for citizens.
“This adjustment promises to offer much-needed relief for millions of Nigerians who have been grappling with high fuel prices and the rising cost of living,” Sessi stated.
She emphasized the significant role Dangote Refinery plays in domestic fuel production, noting its capacity of 650,000 barrels per day far surpasses the combined output of 210,000 barrels per day from Port Harcourt and other refurbished refineries. This capacity, she said, has not only reduced the country’s dependence on fuel imports but also fostered healthy competition within the sector.
“Dangote has brought a healthy rivalry to the sector, and we have started seeing reductions in petroleum prices,” Sessi added, commending the refinery’s export activities to countries like Ghana and Togo, which contribute to stabilizing Nigeria’s currency.
The NLC leader urged the government to support Dangote Refinery and other emerging players to ensure sustainable competition and continued relief for Nigerians. She also called on stakeholders in the oil sector to emulate Dangote Group’s proactive measures.
On the proposed 2025 national budget, Sessi expressed optimism, stating, “If the government can be strict in its implementation, there will be improvement in security, food production, and other areas of the economy.”
The NLC’s commendation comes as a glimmer of hope for many Nigerians who have struggled with inflation and economic challenges, underscoring the importance of private sector initiatives in alleviating national hardships.
