1 week ago
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A member of the House of Representatives, Esosa Iyawe has expressed belief that the Dangote Refinery, which commenced production earlier in the week will boost Nigeria’s economy.
It could be recalled that the Chairman of Dangote Group, Aliko Dangote announced on Tuesday that the company’s refinery is ready for product distribution.
Although the announcement was followed by a hike in the price of petrol by the Nigeria National Petroleum Company Limited, NNPCL, the feat by the Dangote group has been receiving commendation, having broken an over 27-year jinx.
Esosa, representing Oredo Federal Constituency of Edo State, in a statement on Friday, highlighted the possible impact the Dangote Refinery would have on the Nigerian economic landscape.
He pointed out that it would end the country’s decades of reliance on fuel importation, boosting the nation’s foreign exchange reserves, job creation and improving the value chain in the sector.
According to the lawmaker, “In a remarkable leap for Nigeria’s industrial sector, Aliko Dangote has his commitment to national development with the successful production of Premium Motor Spirit (PMS) at his functioning refinery.
“The Dangote Refinery, now operational, marks a significant milestone in the country’s quest for self-sufficiency in petroleum products.
“By producing PMS domestically, Dangote has addressed a long-standing challenge faced by Nigeria, a nation historically reliant on imported fuel.
“This stride not only promises to enhance fuel availability but also aims to stabilise prices and mitigate the economic impacts of fuel importation.
“This stands out as a beacon of progress in Nigeria’s industrial sector.
He added, “Beyond the immediate economic benefits, this achievement is likely to generate substantial employment opportunities and stimulate local industries, creating a ripple effect of positive economic impacts.
“The refinery’s operation will bolster the local economy, support small and medium-sized enterprises, and contribute to the overall development of the nation’s infrastructure”.
Esosa Iyawe underlined that the milestone is not just for the billionaire businessman but the entire nation, noting that it reinforces Nigeria’s capability
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