Business
MAN Counts On Govt’s Support For Dangote Refinery To Boost More Downstream Investments
The Manufacturers Association of Nigeria (MAN) has expressed the view that support of both Nigerians and the government for the Dangote Refinery, would enable the giant refinery to perform optimally.
It added that such support will also serve as an impetus for other investors to invest in the downstream sector of the petroleum industry in Nigeria.
The President of MAN, Otunba Francis Meshioye, who made the call after a tour of the Dangote Petroleum Refinery, Petrochemical Complex and Fertilizer Plant advocated that Nigerians and the government should do all they can to support the multi-billion-dollar company, which he described as a source of pride and a gift not only to Nigeria but also to the African continent and the whole world.
He described the Dangote Refinery as a game-changer in the Nigerian oil and gas industry, saying that it is not only creating jobs and driving economic growth but also contributing to our nation’s energy security and self-sufficiency.
According to him, the project is quite inspiring, and he admired the inspiration of the promoter of the project, Aliko Dangote.
He said, “To have been inspired to establish this facility is very magnificent, it is the first ever in Africa and the first ever of such refinery in the whole world. It has many first, first and first.”
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The company has the capacity to produce all our needs locally, petroleum, and other similar products: no one would come to the facility and he would not be inspired or encouraged to ensure that all the support that the company requires should be given to it.
The MAN President said the government should do all that is humanly possible to ensure that the facility works Optimally. “It is prudent and expedient that the necessary supports are given to the company for the economic benefits of Nigeria.
“If the facility can produce 650,000 barrels of crude per day and Nigeria is producing far above this volume per day, she should give the facility all crude it needed to produce”.
He noted that apart from the fact that the facility can give Nigerians what they need locally, the excess will be exported, and when they are exported, the country benefits because it will earn foreign exchange for the government.
“So, whichever way we look at it, the facility requires the government’s support to be able to operate optimally. We have seen the laboratory which is in a class of its own. It is first among equals around the world. It is functioning very well. It is a complex on its own.
“With this kind of facility that starts from quality control to quality assurance, just to ensure that the harmful effects of the products are at zero level, what can be greater than this? This is very unique and I will encourage all stakeholders to give maximum support, and not by the way support, but maximum support.
“I cannot see anything that is lacking in this company, we have been here since morning and went through all the units. The facility can deliver products between 1760 trucks to 1800 trucks per day. So if you have such several trucks going out of the facility a day to various destinations in Nigeria, so many people will benefit from it. There will be more jobs, many families will be comfortable because of the jobs this will create, many artisans will benefit and it will have a spillover effect on so many sectors of the economy.
“If they can produce AGO, gasoline and Jet A fuel, this is good and the government should have no reason not to ensure the facility gets its backing to carry out its activities, because it is going to benefit massively,” he added.
The MAN boss who stated that his organization is an advocacy group, said to a large extent it will support the Dangote Refinery by pushing its case with the government, and also solicit the support of necessary government agencies that can ensure that it operates fully.
The association, he said, always discusses with the government issues that affect its members and it has always listened to it , and always finds solutions to those issues, stating further that Dangote Refinery’s case will not be different.
“The sheer scale and ambition of this project is truly impressive, and we applaud the vision and determination of the Dangote Group in making this refinery a reality.
As manufacturers, we understand the importance of reliable and affordable energy in driving our businesses forward. The Dangote Refinery will undoubtedly have a positive impact on the entire manufacturing value chain, providing a reliable source of fuel and petrochemical products that are essential for capacity utilisation and value addition.
“I believe that the success of the Dangote Refinery serves as an inspiration to all of us in the manufacturing sector. It demonstrates what is possible when we combine innovation, technology, and investment to create world-class facilities that benefit the entire nation,” he asserted.
The Central Bank of Nigeria (CBN) has announced a significant growth in the country’s economy, with a 3.46% increase in gross domestic product (GDP) in the third quarter of 2024.
This marks the third consecutive quarter of expansion, up from 3.19% in Q2 2024 and 2.54% in Q3 2023.
According to the newly published Q3 economic report, Nigeria’s GDP output rose to ₦20.115 trillion, reflecting a notable improvement from ₦18.285 trillion in the previous quarter.
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The CBN attributed this growth primarily to the performance of the non-oil sector, which grew by 3.37% compared to 2.80% in Q2 2024.
The report highlighted transportation, crop production, and other sub-sectors such as financial & insurance services, information & communication, trade, and real estate as major contributors to the expansion.
The non-oil sector accounted for 3.18 percentage points of the total growth rate.
“The expansion of the non-oil sector was driven by the performance of the financial & insurance, information & communication, crop production, trade, transportation & storage, and real estate sub-sectors,” the report stated.
Despite the economic growth, challenges persist. Inflation, particularly in food prices, remains a significant concern, standing at 39.93% as of November 2024.
Rising food and energy costs have also impacted transportation expenses, with intercity bus fares increasing by 20.23% year-on-year to ₦7,117.17 in July 2024, according to the National Bureau of Statistics.
Furthermore, the cost of petroleum, now exceeding ₦1,000 per litre, has driven up logistics and transportation expenses, adding pressure to households and businesses alike.
The CBN acknowledged these challenges, noting that the growth was achieved despite headwinds such as high inflation and rising operational costs.
Enhanced security measures in the Niger Delta have boosted domestic crude oil production, while restrictive monetary policies have helped moderate inflation in some areas.
“The growth recorded in the country is a result of continued efforts to improve the business environment, streamline cumbersome business processes, and deepen the quality of business infrastructure,” the CBN noted.
However, the report comes amid concerns over businesses exiting Nigeria due to persistent economic challenges.
Asharami Synergy, a leading downstream energy solutions provider, has demonstrated its commitment to community development and education by donating essential furniture to Gaskiya Junior School in Ijora, Lagos, Nigeria.
Biztellers reports that the social responsibility initiative was executed in collaboration with Sahara Group Foundation – the social impact vehicle of global energy conglomerate, Sahara Group.
It was gathered that the initiative is part of Asharami Synergy’s ongoing efforts to support education in communities.
The donation includes classroom desks and chairs for the JSS1 classes.
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CEO of Asharami Synergy, Nomnso Dike, said the project will create a more comfortable and functional learning environment and enhance student performance.
“We are delighted at the opportunity to support the attainment of Sustainable Development Goal (SDG) 4, which focuses on ensuring inclusive and equitable quality education. It has been a privilege to collaborate with the management and students of Gaskiya Junior School to deliver this project, and we look forward to future opportunities to enhance academic performance in this historic institution,” Dike said.
According to him, Asharami Synergy’s education-focused social impact initiatives have benefitted over 10,000 individuals. They focus on building capacity and providing the resources necessary to help students learn and grow sustainably.
“Education is the foundation of a brighter future, and at Asharami Synergy, we believe that every child deserves a learning environment that inspires and empowers them” he noted, adding, “This donation is not just about providing furniture; it’s a reminder to the students that their dreams are valid, and we are committed to helping them achieve their goals.”
Vice Principal Academic of Gaskiya Junior School, Sola Oladokun, commended Asharami Synergy for the donation, noting that it would inspire students to perform better with “increased concentration and fewer distractions”.
“These desks and chairs are a game-changer for our students. It’s heartwarming to see their excitement, and as teachers, we are equally thrilled because this will make teaching and learning more effective. We are incredibly grateful to Asharami Synergy and Sahara Group Foundation for this thoughtful intervention,” she added.
Two representatives of the students, Akin Moses and Chukwudi Gift, at the event said the donation would increase their “desire to dream bigger and concentrate better during lessons”.
Also speaking at the commissioning, COO at Asharami Synergy, Adekanmi Adesola, said, “What started as an opportunity to support the communities that host our operations has now come full circle. This donation directly impacts the lives of these students, and we are proud to bring smiles to the faces of the students and teachers.”
The Nigerian Content Development and Monitoring Board (NCDMB) has held the 8th Award and Prize-giving Ceremony of its Annual National Undergraduate Essay Competition 2024.
At the event, on Monday in Yenagoa, the NCDMB reiterated the objectives that underlie its signature events, such as competitive essaying and its twin programme the Science Quiz Competition for High School students.
In a keynote address at the occasion, the Executive Secretary of the Board, Engr. Felix Omatsola Ogbe, described the Essay Competition as “one of NCDMB’s multiple interventions to lift the standard of education in Nigeria” and “to promote proficiency in writing, awareness of local content and its benefit to the national economy, and to engender citizen engagement from undergraduate level.”
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According to him, the sponsorship of the competition is in line with the Board’s mandate, which is capacity-building and local content development, and that the NCDMB understood “the need to inculcate Local Content consciousness among undergraduates in our higher institutions, to make them understand that Local Content is an economic imperative for sustainable development of our local economy, creation of job opportunities and national security.”
The NCDMB boss expressed the hope that the programme would continue to generate interest and awareness about the critical importance of the Nigerian Content law and philosophy in the oil and gas sector as a national economic agenda for job creation, poverty reduction, industrial development and inclusive economic growth.
He reiterated the Board’s commitment to capacity development of Nigerians and development of opportunities for local communities as demonstrated through the Board’s recently launched “Back-to-the-Creeks Initiative.”
The Initiative seeks to broaden the contributions of the oil and gas industry to host communities through enhanced funding for local contractors, support for basic education, and training of youths in relevant industry skills.
In regard to the topic of this year’s essay competition, “Nigerian Content and Opportunities in African Local Content Advancement,” the Executive Secretary said it was well-conceived, considering that most African countries are understudying Nigeria in the implementation of Local Content.
Engr. Ogbe also expressed satisfaction with the transparent process in selecting the winners, stating that “the renowned professors who dedicated their time and intellect to this competition” lived up to the billing.
According to him, “We have built a strong and reputable brand and every project we get involved in must be excellent, professional and world-class.”
Earlier in a welcome address, the Chief Executive Officer of Mahogany 21st Century Concepts Limited, Mr. Eyinimi Omorozi, described the Annual Undergraduate Essay Competition as “a competitive elite programme” designed “to promote academic excellence and to raise awareness about Nigerian Content.”
He expressed appreciation to the Executive Secretary of the NCDMB, Engr. Ogbe, for ensuring sustenance of the programme for eight consecutive years.
In her own opening speech, the Chairperson of the occasion, Dr. (Mrs.) Alice Atuwo, represented by Mrs. A. Tawari, of the Bayelsa Education Trust Fund, commended the top ten finalists for their personal qualities that brought them thus far in the competition.
She urged undergraduate students to be focused on their studies and to guard against distractions that could be destructive.
The winner of the 2024 edition of the Essay Competition was a 16-year-old 200-Level student of the Federal University of Technology, Akure, Mr. Ojedele Jesuferanmi Emmanuel. He received a top-of-the-range HP laptop, a glass plaque, and a cash prize of N1 million.
The first runner-up was 23-year-old Miracle Chibuike Okoli. He received the same grade of HP laptop, a plaque and a sum of N700,000.
The second runner-up, 19-year-old Mary Okogbe, received N500,000, in addition to an HP laptop and a plaque.
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