The All Africa Association for Small and Medium Enterprises (AAASME), Africa First Foundation (AFF) and Patriots for Africa Initiative Group (PAIG) have lauded President Tinubu’s intervention in the dispute between the Nigerian National Petroleum Company Limited, (NNPCL) and the Dangote Refinery and Petrochemicals.
It will be recalled that President Tinubu had in the wake of the crisis proposed that crude oil should be sold to Dangote Petroleum Refinery and other Refineries in the local currency.
This according to the Spokesperson of the President, Bayo Onanuga, was approved at the Federal Executive Council meeting.
The decision is to ensure the stability of the pump price of the refined fuel and the dollar-naira exchange rate.
Dangote Petroleum Refinery at the moment requires 15 cargoes of crude, at a cost of $13.5bn yearly while NNPCL has committed to supply four.
But FEC has approved that the 450,000 barrels meant for domestic consumption be offered in the local currency to the Nigerian refineries, using Dangote refinery as pilot.
Describing the decision as a welcome development, the stakeholders at the 7th SAD. industrialization week in Zimbabwe lauded the decision of the Federal Government.
It was stated that the feud if not addressed portends danger to the socio-economic growth of the African continent.
According to them, “The impasse is capable of destabilizing the economic growth in the continent as many nations depend on importation with SMEs being hard hit at the lower rung of the ladder.
The conveners, Dr Ebiekure Jasper Eradiri (AAASME), Engr. Dadiowei Kingsley Akpeti (Africa First Foundation) and Dr. Shami Fred (Patriots for Africa, Initiative) therefore, commended the President of Nigeria for recently wading into the crisis and called on all stakeholders to give the Dangote Refinery all the needed cooperation as the entire continent would benefit from the positive impact of the Refinery.
Shami recalled the importance of the project such that she flew from Zimbabwe to Lagos, Nigeria last year to witness the grand opening ceremony of the world class facility.
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