The Manufacturers Association of Nigeria (MAN) has expressed serious concern over the recent debunked allegations of poor quality of diesel leveled against one of the largest private investments in Africa, the Dangote Refinery, by NMDPRA, and called for caution from major actors, government agencies and regulators in the oil and gas sector of the economy.
According to association’s Director-General, Segun Ajayi-Kadir, it is expected that agencies of government, that provide regulatory oversight functions should promote an enabling business environment for local investments to thrive.
He pointed out that no regulatory agency should be seen to be casting a shadow over a home grown investment like the Dangote Refinery since the allegations of poor quality, monopolistic tendencies and non-issuance of licence had since been roundly debunked.
There may then be the need to issue a clarification that absolves the Dangote Refinery of the negative perception generated by the news report.
Ajayi-Kadir further stressed that local investors in Nigeria, particularly the Dangote Industries Limited (DIL), were playing a vital role in driving economic growth though tax payment, job creation and fostering development within the country, adding that as such, it is important that these investors are protected and given the necessary support to thrive in this business environment.
He said a business colossus like Alhaji Aliko Dangote, with investments in diverse sectors of the economy and across the Continent of Africa, should be accorded all needed support to grow and invest in more sectors and positively impact the wellbeing of the people.
The Director-General further clarified: “There is no gainsaying the fact that Dangote Refinery is deserving of government protection and support. The Dangote Refinery, located in Lagos, the largest single-train refinery in the world, will play a significant role in reducing Nigeria’s dependence on imported petroleum products, reduce cost and energy poverty and significantly boost our energy sufficiency. This is also a company in which Nigeria and Nigerians are shareholders. We should never encourage or promote a preference for imported products over local alternatives. This amounts to importing poverty and exporting prosperity.
“As you are aware, the manufacturing sector is beset with multifaceted challenges. They include: high cost of electricity, high cost of compliance with regulatory requirements, lack of access to financing, unfavorable foreign exchange and unfair competition from imported and smuggled products. It is therefore imperative that the Nigerian government takes proactive steps to address these binding constraints in order to improve the competitiveness of local industries and enhance their contribution to the GDP”, the industrialist added.
He noted that local investors were not only drivers of economic growth but also champions of national development but reflected the mirrors of national industrial aspirations and their wellbeing is the attraction for both local and foreign would-be investors.
The industrialist maintained there is hardly any major foreign investor that would be encouraged to invest in Nigeria by the recent unwarranted castigation of Dangote Refinery, adding that supporting and protecting local investors like the Dangote Refinery, will be sending a clear signal to foreign investors to take advantage of the conducive environment and invest, thereby creating jobs and building a more prosperous future for our people.
The association, therefore, called on the Federal Government to prioritize the protection of local investors and actively take necessary steps to improve the operating environment for manufacturers and other economic operators to thrive.
