Real reason why MAN called for protection for local investors

By allcitynews.ng

The leadership of Manufacturers Association of Nigeria (MAN) has expressed grave concern and called for caution from major actors, government agencies and regulators in the oil and gas sector of the economy over the recent debunked  allegations of poor quality of diesel leveled against one of the largest private investments in Africa by NMDPRA, the Dangote Refinery.

The call became imperative as it will be part of the efforts to fast track the repositioning of the country economy,

According to Director General of the Association, Segun Ajayi-Kadir, mni, it is expected that agencies of government, that provide regulatory oversight functions should promote an enabling business environment for local investments to thrive. No regulatory agency should be seen to be casting a shadow over a home grown investment like the Dangote Refinery. The allegations of poor quality, monopolistic tendencies and non issuance of license have since been roundly debunked. There may then be the need to issue a clarification that absolves the Dangote Refinery of the negative perception generated by the news report.

Ajayi-Kadir further stressed that,  local investors in Nigeria, particularly the Dangote Industries Limited (DIL) play a vital role in driving economic growth, they pay taxes, they create jobs and foster development within the country. As such, it is important that these investors are protected and given the necessary support to thrive in this business environment. He said a business colossus like Alhaji Aliko Dangote, with investments in diverse sectors of the economy and across the Continent of Africa, should be accorded all needed support to grow and invest in more sectors and positively impact the wellbeing of the people.

There is no gainsaying the fact that Dangote Refinery is deserving of government protection and support. The Dangote Refinery, located in Lagos, the largest single-train refinery in the world, will play a significant role in reducing Nigeria’s dependence on imported petroleum products, reduce cost and energy poverty and significantly boost our energy sufficiency. This is also a company in which Nigeria and Nigerians are shareholders. We should never encourage or promote a preference for imported products over local alternatives. This amounts to importing poverty and exporting prosperity.

As you are aware, the manufacturing sector is beset with multifaceted challenges. They include: high cost of electricity, high cost of compliance with regulatory requirements, lack of access to financing, unfavorable foreign exchange and unfair competition from imported and smuggled products. It is therefore imperative that the Nigerian government takes proactive steps to address these binding constraints in order to improve the competitiveness of local industries and enhance their contribution to the GDP.

He added that local investors are not only drivers of economic growth but also champions of national development. They are the mirrors of our national industrial aspirations and their wellbeing is the attraction for both local and foreign would-be investors. There is hardly any major foreign investor that would be encouraged to invest in Nigeria by the recent unwarranted castigation of Dangote Refinery. On the other hand, supporting and protecting local investors like the Dangote Refinery, would be sending a clear signal to foreign investors to take advantage of the conducive environment and invest, thereby creating jobs and building a more prosperous future for our people.

The Association therefore calls on the Nigerian government to prioritize the protection of local investors and actively take necessary steps to improve the operating environment for manufacturers and other economic operators to thrive.

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