THE Federal Government has been praised for its policy actions aimed at protecting local industries, with special reference to the Dangote Oil Refinery.
The National Association of Nigerian Students (NANS) gave the praise in a statement signed by its presidential spokesperson, Comrade John Alao, and made available to newsmen on Thursday.
NANS noted that for decades, Nigeria has paradoxically remained dependent on the importation of refined petroleum products despite being a major crude oil producing nation.
The statement read in parts: “This structural contradiction has led to massive outflows of foreign currency, increased exposure to volatility in international markets, persistent fuel shortages and the gradual weakening of domestic industrial capacity.
“In this context, the emergence of large-scale local investments, such as the Dangote oil refinery, presents a historic opportunity to reverse Nigeria’s import-dependent economic model and firmly entrench value addition within the country.
“The Dangote Group, through its significant investments in refining, fertilizers, cement and other critical sectors, has demonstrated great confidence in Nigeria’s economic future. These indigenous investments deserve protection and encouragement rather than hostility or regulatory uncertainty. When local investors are supported, they generate employment, facilitate the transfer of skills, stabilize markets and reduce capital flight. On the contrary, when they are undermined, the economy suffers and foreign dependence deepens.
“NANS firmly aligns with the position that Nigeria’s crude oil resources should primarily serve for domestic value addition before exporting. Selling cheap crude oil to foreign refiners while importing refined products at significantly higher costs is economically irrational and detrimental to national development. As widely recognized by economic analysts and young leaders, no nation can develop sustainably by exporting raw materials and importing finished products.”
The body commended the Federal Government for recent measures taken to protect local refineries from unfair competition, economic sabotage and policy inconsistency.
The introduction of import duties on refined petroleum products, coupled with clear policy direction prioritizing domestic refining capacity, represents deliberate and necessary interventions aimed at correcting long-standing distortions in the Nigerian economy.