ECCIMA Backs Dangote Refinery As Nigeria’s Economic Game-Changer

 
 …..Urges Full Government, Stakeholder Support
 
BY ANTHONY OCHELA
 
 
In a powerful endorsement that could reshape Nigeria’s economic future, the Enugu Chamber of Commerce, Industry, Mines, and Agriculture (ECCIMA) has thrown its weight behind the Dangote Petroleum Refinery, championing it as a cornerstone for Nigeria’s financial resurgence.
 
ECCIMA’s message comes amid a plunging naira and a critical need to revamp domestic production, presenting the refinery as a lifeline for stabilizing the nation’s economy.
 
In a statement issued Tuesday, ECCIMA President Sir Odeiga Jideonwo stressed the refinery’s transformative power, “Nigeria’s overreliance on imports has relentlessly battered the naira, but the Dangote Refinery signals a chance to turn the tide,” Jideonwo said.
 
He emphasized that Nigeria’s dependence on foreign goods has drained the economy, undermining efforts to build foreign reserves and stabilize the currency.
 
Comparing Nigeria’s economic trajectory to that of China, ECCIMA painted a stark picture.
 
“China has emerged as an economic powerhouse because it prioritizes local production over imports,” ECCIMA noted, adding that China’s reserve levels reached a staggering $3.3 billion in September 2024—more than double Japan’s.
 
“Imagine the same trajectory for Nigeria if we strengthened our local industries,” Jideonwo urged.
 
Capable of refining 650,000 barrels daily, the Dangote Refinery ramped up its production from 25 million to 30 million liters in October 2024, setting a new benchmark for domestic manufacturing capacity.
 
According to ECCIMA, such large-scale production can meet national demand, reducing import dependency and driving economic recovery.
 
The refinery’s byproducts, ECCIMA added, would further fuel domestic industries, creating a ripple effect that could secure Nigeria’s economic stability.
 
“The Dangote Refinery’s potential to end our import dependency on petroleum products and other vital goods cannot be overstated,” Jideonwo declared.
 
“It’s a pivotal moment in our quest to reclaim economic sovereignty. This is not just an industry milestone; it’s an opportunity for Nigeria to pivot toward a new economic dawn,” he noted.
 
ECCIMA’s call to action is clear: the Nigerian government, along with every stakeholder, must rally behind the refinery, laying the groundwork for a self-sustaining economy.
 
The Chamber believes that with unified support for the Dangote Refinery and local manufacturers, Nigeria can chart a path toward enduring growth, reversing the decades-long cycle of economic dependency and instability.