Group Warns On Dangers Of Disrupting Dangote Refinery’s Operations

The Alliance for Economic Research and Ethics (AREET) has warned that further attacks against Dangote Petroleum Refinery could negatively impact Nigeria’s economy.

AREET disclosed this successful a connection connected Thursday, which was signed by its chairman, Dele Kelvin Oye. According to the group, immoderate disruption to the refinery’s operations could unit Nigeria backmost to costly substance imports, widen the commercialized deficit, deplete overseas reserves, and unit the overseas speech market.

The radical spoke against the backdrop of the caller standoff betwixt the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) and the absorption of the Dangote Petroleum Refinery, informing that specified a situation could trigger an economical and vigor situation susceptible of reversing Nigeria’s fragile recovery.

The radical noted that the Dangote Refinery, with a nameplate capableness of 650,000 barrels per day, was intended to extremity decades of reliance connected imported refined petroleum products and anchor economical stability.

According to Oye, resorting to onslaught actions successful the assemblage astatine this clip arsenic a effect of labour quality volition beryllium tantamount to a terrible asymmetric daze to vigor information and macroeconomic stability, stressing that specified a onslaught threatens to plunge the state into substance shortages, inflationary spikes, superior formation and nonaccomplishment of capitalist confidence.

He pointed retired that the Central Bank of Nigeria (CBN) had lone precocious reduced the Monetary Policy Rate (MPR) from 27.5 to 27 per cent, citing easing ostentation and improved outer reserves of astir $42 billion.

He said, “Those fragile gains, helium cautioned, could rapidly evaporate if refinery operations stay crippled, starring to substance scarcity, rising transport and powerfulness costs, a caller question of ostentation and imaginable reversal of monetary policy. Nigeria stands astatine an inflection point.

“The Dangote Refinery represents a generational accidental to pivot distant from substance import dependence. A protracted concern enactment that impedes its cognition risks reversing the humble but hard-won macroeconomic gains. Only a mediated, transparent solution that credibly investigates sabotage claims, restores just employment processes and secures continuous refinery operations tin support livelihoods, concern and national recovery.’’