The Nigerian Economic Summit Group (NESG) has called on the Federal Government to prioritize the support of local industries to ensure sustainable economic growth and reach the ambitious goal of a $1 trillion economy. This appeal was made during a visit to the Dangote Fertilizer and Dangote Petroleum Refinery & Petrochemicals in Lagos, where the refinery recently made a historic achievement by exporting two cargoes of jet fuel to Saudi Aramco, the world’s largest oil producer.
During the visit, NESG Chairman Niyi Yusuf praised Aliko Dangote for his visionary leadership in creating the world’s largest single-train refinery, a $20 billion project that is now contributing significantly to Nigeria’s economic growth. Yusuf emphasized that the nation must attract similar investments to reach its $1 trillion economy target, with local investments playing a pivotal role in that vision. He acknowledged Dangote’s effort in transforming Nigeria from a net importer of petroleum products to a net exporter.
Yusuf highlighted the importance of supporting local industries, Small and Medium Enterprises (SMEs), and addressing poverty alleviation through local industrialization. He stressed that Nigeria, with its growing population, should not remain dependent on imports, particularly for food products, and should instead bolster domestic industries for economic prosperity. NESG also aims to advocate for an improved investment climate to stimulate entrepreneurship, security, and food security across the country.
Dangote, in his response, emphasized the private sector’s crucial role in driving national development. He pointed out that despite the concept of a free market, even countries like Benin have implemented policies to protect local industries by restricting imports, which benefits national prosperity. Dangote also shared his experience in overcoming the challenges of establishing industries in Nigeria, such as bearing the cost of essential infrastructure that should ideally fall under the government’s responsibility.
Concluding the visit, Dangote proudly announced that the Dangote refinery had reached a milestone by producing 550,000 barrels of oil per day and making successful jet fuel exports to Saudi Aramco. He also underlined the substantial role of the private sector in Nigeria’s economy, noting that 52% of Dangote Cement’s earnings are paid to the government, highlighting the sector’s potential for economic prosperity.
Source: THE SUN