Federal Government commended for protecting local industries

The Federal Government has received praise for its policies supporting local industries, particularly the Dangote Petroleum Refinery. The National Association of Nigerian Students (NANS) lauded the government in a statement signed by its presidential spokesperson, Comrade John Alao.

NANS highlighted that despite being a major crude oil producer, Nigeria has long depended on imported refined petroleum products, causing foreign exchange outflows, fuel scarcity, and weakening the domestic industry. The statement emphasized that investments like the Dangote Refinery present opportunities to shift Nigeria from an import-dependent economy to one focused on domestic value addition.

The body stressed that supporting local investors generates employment, facilitates skills transfer, stabilizes markets, and reduces capital flight. It criticized the practice of exporting crude oil cheaply while importing refined products at higher costs as economically harmful.

NANS commended the government’s recent measures, including the introduction of import duties on refined petroleum products, which aim to protect local refineries from unfair competition and encourage domestic production.

Written by Adeyemi Adewale