CPPE backs Dangote Refinery, condemns fresh petrol import licenses issuance

The Central for the Promotion of Private Enterprise have condemned the Nigerian government over the fresh issuance of petrol import licenses to petroleum marketers despite Dangote Refinery’s capacity to meet domestic consumption. 

The Chief Executive Officer of CPPE disclosed this in a statement on Sunday. 

Recall that the Nigerian Midstream and Downstream Petroleum Regulatory Authority recently issued petrol import licenses to petroleum marketers.

Dangote Refinery, citing the country’s Petroleum Industrial Act, dragged the Nigerian government to court over the issuance of petrol import licenses. 

Meanwhile, the Nigerian National Petroleum Company Limited was reported to have kicked against the 650,000-barrel-per-day refinery suit challenging the fresh petrol import licenses. 

The development had stirred reactions from industrial stakeholders, with many condemning NNPCL and NMDPRA. 

Reacting, CPPE explained that no nation achieves prosperity with importation. 

According to CPPE, attempts to portray Dangote Refinery as a monopolistic threat are flawed and unfair. 

The economic think tank group said that prosperous economies are built on production, refining, manufacturing, value addition and the strengthening of domestic productive capacity. 

“Attempts to portray Dangote Refinery as a monopolistic threat are simplistic, fundamentally flawed and grossly unfair. 

“Nigeria should not demonise audacious investment, industrial courage, scale and risk appetite. A country that undermines transformative investment sends deeply troubling signals to both domestic and foreign investors”, CPPE stated.