Nigeria’s staggering fuel importation bill, averaging $400 million monthly, continues to strain the country’s foreign exchange reserves and drive exchange rate hikes.
Since 2015, Nigeria has spent over $40 billion on fuel imports, according to the Central Bank of Nigeria (CBN).
Amid these economic challenges, the Centre For Ability, Rehabilitation, and Empowerment (CARE) has voiced strong support for the Dangote Refinery, highlighting its transformative potential for Nigeria’s economy and the empowerment of Persons with Disabilities (PWDs).
In a statement signed by Dr. Chike Okogwu, Founder and Chief Responsibility Officer of CARE, the organization emphasized the critical role the Dangote Refinery and Foundation play in fostering economic growth and inclusivity.
Dr. Okogwu said, “As we navigate the challenges of high petroleum costs and their impact on PWDs, we must acknowledge the refinery’s potential to reduce fuel imports, stabilize the exchange rate, and create a more inclusive economy.”
With a capacity of 650,000 barrels per day, the Dangote Refinery is poised to drastically cut fuel imports, conserving foreign exchange and stabilizing the exchange rate. This development promises several benefits for PWDs:
Reduced fuel costs will make transportation more affordable for PWDs, facilitating access to essential services and economic activities.
PWDs, who often face higher transportation costs, will experience reduced financial burdens.
A stronger Naira, bolstered by reduced foreign exchange pressure, will lower electricity costs, enhancing accessibility for PWDs.
Moreover, the refinery’s production of petrochemicals and fertilizers will stimulate economic growth, encouraging investment in disability-inclusive infrastructure and services. Employment opportunities for PWDs in the refinery and related industries will further enhance economic empowerment.
“The Dangote Foundation has shown unwavering commitment to supporting PWDs through scholarships, donations, accessibility modifications, health interventions, and economic empowerment programs,” Dr. Okogwu highlighted. These initiatives underscore the foundation’s dedication to fostering an inclusive society.
At the Africa CEO Forum in Kigali, Rwanda, Total’s Managing Director, Patrick Pouyanné, underscored the challenges faced by investors in Nigeria, including an unstable regulatory environment, lack of infrastructure, and high operating costs.
These issues deter investment and hamper economic growth. In contrast, the Dangote Refinery’s commitment to Nigeria’s economic growth and inclusivity serves as a beacon of hope, demonstrating that Nigeria can be a viable investment destination focused on empowerment and inclusivity.
Dr. Okogwu urged the government to support the Dangote Refinery project, ensuring its timely completion and operation. “Together, we can create a brighter future for all Nigerians, including PWDs,” he concluded.
The Dangote Refinery and Foundation stand as crucial players in promoting inclusivity and empowering PWDs. By reducing the nation’s reliance on fuel imports and stabilizing the exchange rate, they pave the way for a more resilient and inclusive Nigerian economy.
1 comment
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