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OGUNCCIMA Commends Dangote Refinery’s Impact
The Ogun State Chamber of Commerce, Industry, Mines, and Agriculture (OGUNCCIMA) has applauded the contributions of the Dangote Refinery to Nigeria’s economy and its role in stimulating the private sector.
According to the OGUNCCIMA, the flagship industrial project has not only reshaped the country’s energy landscape but created opportunities for private enterprises and is driving sustainable economic growth.
The President of OGUNCCIMA, Lion Niyi Oshiyemi, on Tuesday, in Abeokuta, Ogun State, lauded the refinery’s achievements, pointing out its transformative impact on key economic sectors.
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In his words, “The Dangote Refinery is a game-changer for Nigeria’s economy. With a capacity to refine 650,000 barrels of crude oil daily, it has reduced Nigeria’s reliance on imported petroleum products, conserved foreign exchange, and fortified our energy security. This milestone reinforces the critical role the private sector plays in national development.”
He maintained that the impact of the Dangote Refinery on the private sector was profound.
“By creating thousands of direct and indirect jobs, the refinery has stimulated economic activities across multiple industries. From manufacturing to logistics, the project has provided businesses with opportunities to grow and innovate.
“The refinery’s operations have created employment for Nigerians at all levels while fostering technology transfer and skills acquisition. This has strengthened local businesses and equipped them with the tools to compete in domestic and global markets,” Oshiyemi noted.
The emphasis on local content has been a cornerstone of the Dangote Refinery’s strategy. By sourcing materials locally and partnering with indigenous companies, the refinery has supported the growth of Nigerian enterprises and encouraged investments in infrastructure, engineering, and technology.
He expressed the view that the ripple effects of the Dangote Refinery extend beyond the energy sector. Its presence has catalyzed industrialization by attracting investments in related sectors such as petrochemicals, manufacturing, and transportation. This multiplier effect has significantly expanded Nigeria’s industrial base and enhanced the nation’s economic competitiveness.
The OGUNCCIMA also highlighted the refinery’s contributions to addressing Nigeria’s balance of trade challenges. By producing refined petroleum products domestically, the refinery has reduced the need for costly imports while positioning Nigeria as a potential exporter of refined products within the African continent.
The impact of the Dangote Refinery goes beyond Nigeria’s borders, as it addresses Africa’s critical energy deficits and trade imbalances. By meeting the energy demands of neighboring countries and promoting intra-African trade, the refinery aligns with the objectives of the African Continental Free Trade Area (AfCFTA).
“This refinery is a shining example of what can be achieved through visionary leadership and investment in strategic sectors. It demonstrates Africa’s potential to compete globally and foster regional integration,” Oshiyemi remarked.
In addition to its economic contributions, the Dangote Refinery has maintained a strong commitment to corporate social responsibility. The Dangote Group’s investments in education, healthcare, and infrastructure have improved the quality of life for many Nigerians and strengthened community resilience.
“Dangote Refinery exemplifies the role of private sector enterprises in driving social progress alongside economic development. Its initiatives in healthcare and education are building a brighter future for Nigerians,” Oshiyemi added.
The OGUNCCIMA urged stakeholders across public and private sectors to emulate the Dangote Refinery’s innovative approach to development. By fostering partnerships and investing in transformative projects, Nigeria can achieve sustainable economic growth and reduce its reliance on external resources.
“This refinery stands as a model for what is possible when the private sector leads with vision and commitment. We call on all stakeholders to collaborate and replicate such success stories to build a resilient, self-reliant, and prosperous Nigeria,” Oshiyemi concluded.
Recall that the Dangote Refinery recently slashed the price of its petrol to N970 per litre to oil marketers, while assuring that further reduction was still possible in a foreseeable future.
President Bola Ahmed Tinubu has said Nigeria must reduce losses between farms and markets as part of efforts to bring down food prices and ease the cost of living.
Tinubu made this known in his Independence Day address to Nigerians on Thursday, as the country marked its 66th anniversary.
The President said reducing the cost of producing and transporting food would be critical to making essential goods more affordable for Nigerians.
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According to him, the government is expanding mechanised irrigation and dry-season farming while improving access to seeds, fertiliser, storage and transportation.
He said the government was also building and completing roads, railways and ports to improve the movement of agricultural produce and connect farms and factories to markets.
Tinubu explained that when farmers produce at lower costs and fewer crops are lost before reaching the market, the savings can ultimately be reflected in the prices paid by consumers.
“Our logic is simple. When a farmer produces more cheaply, when fewer crops are lost between the farm and the market, when a manufacturer spends less on electricity, when a truck reaches its destination faster, and when the business environment fosters fair competition, all those savings will ultimately find their way into the price of goods in the market,” he said.
The President said the measures form part of his administration’s broader plan to lower the cost of living and move the country towards what he described as an era of shared prosperity.
Under-dispensing of petroleum products at retail outlets across Nigeria would no longer be tolerated and identified violations could lead to the revocation of the culprits’ licences.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) handed down the caution in an industry circular, in which it directed all retail outlet operators to immediately calibrate and verify their dispensing pumps and totalisers to ensure accurate measurement to be certain that consumers receive the full quantity of products for which they pay.
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The NMDPRA said it had observed incidents of under-dispensing at retail outlets nationwide, describing the practice as a serious breach of consumer trust.
It stated that it had intensified inspections and enforcement activities across the country and would take action against outlets found to be under-dispensing, operating with improperly calibrated equipment or otherwise compromising dispensing accuracy.
“Persistent or serious violations will be subject to appropriate sanctions, up to and including revocation of the outlet’s licence, in line with NMDPRA’s regulations,” the authority stated.
The regulator urged operators to take immediate corrective measures where discrepancies are identified, stressing the need to maintain the integrity and accuracy of petroleum product transactions.
The NMDPRA also directed the Major Energy Marketers Association of Nigeria (MEMAN), the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN), the Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) to promptly communicate the directive to their members and support compliance across the industry.
The House of Representatives has extended the implementation period of the capital component of Nigeria’s 2025 budget from September 30 to December 31, 2026, citing economic difficulties and challenges affecting the execution of capital projects.
The decision was taken on Tuesday during plenary after Majority Leader Julius Ihonvbere moved a motion seeking an amendment to the Appropriation (Repeal and Enactment) Act, 2025.
Ihonvbere told lawmakers that several factors affecting the Nigerian economy had made it difficult to conclude the implementation of the capital component before the existing September 30 deadline.
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He said the extension was necessary to ensure that incomplete implementation would not be attributed simply to the expiration of the deadline previously approved by the National Assembly.
The House subsequently fast-tracked the bill through first, second and third readings before approving the extension.
The Senate also passed the measure, allowing Ministries, Departments and Agencies (MDAs) additional time to complete capital projects for which funds had already been appropriated and released.
Why the projects remain unfinished
Senate Leader Opeyemi Bamidele gave further details on the factors affecting implementation, pointing to procurement, contract execution, mobilisation, certification of completed works and payment processes.
According to Bamidele, these stages can affect the ability of MDAs to complete projects within the existing budget implementation timeframe.
He said the extension was intended to protect ongoing public investments, facilitate the completion of critical projects and prevent the waste of public resources already appropriated and released.
The latest decision therefore gives government agencies another three months to complete eligible projects and utilise funds already provided for the 2025 capital programme.
Fourth extension of 2025 capital budget
Tuesday’s decision marks the fourth extension of the implementation deadline for the 2025 capital budget.
The National Assembly first moved the deadline from December 31, 2025, to March 31, 2026.
It subsequently extended the deadline to June 30 and later to September 30.
The latest extension now moves the deadline to December 31, 2026.
The repeated extensions have kept portions of previous capital allocations in the implementation cycle while the government works through outstanding projects and obligations.
Earlier in June, lawmakers had cited procurement timelines, project implementation challenges and administrative processes as reasons for extending the capital budget deadline to September.
Previous budget pressures
The issue has also been linked to the backlog of capital projects from previous budget years.
A recent analysis reported that about ₦16.8 trillion in capital expenditure from the 2024 and 2025 budgets had been rolled into the 2026 fiscal year, with funding constraints and delays in releases contributing to the backlog.
The report said the 2026 capital budget was partly structured to address outstanding obligations from previous years.
President Bola Tinubu had also acknowledged in his 2026 budget speech that the implementation of the 2025 budget faced competing execution demands and the transition between budget years.
He disclosed that only ₦3.10 trillion, representing about 17.7 per cent of the 2025 capital budget, had been released as of the third quarter of 2025, while priority was given to completing 2024 capital projects.
The new December 31 deadline is therefore expected to provide additional time for MDAs to complete projects already at various stages of execution.
The House adjourned plenary until October 13, 2026, after considering the budget extension.
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