The African Center for Credible Leadership (ACCL) has praised the Dangote Refinery for its innovative impact on Nigeria's fuel subsidy regime and its recent reduction in fuel prices.
In a statement signed by its President, Dr. Ifure A. Ifure, the Center said the commissioning of the refinery has significantly altered the narrative on fuel subsidy, paving the way for a more sustainable and self-reliant energy ecosystem.
According to ACCL, Dangote Refinery's contribution to Nigeria's energy landscape is testament to the power of private sector-led initiatives to transform the continent's economic fortunes.
He noted that the recent reduction in fuel prices, which reduced the price of ex-depot petrol from N970 to N899 per liter, is expected to bring relief to Nigerians across the country.
Furthermore, the ACCL commended Dangote's partnership with MRS Oil Nigeria Plc for offering petrol at N935 per liter at all MRS filling stations across the country, describing it as a bold step in addressing the long-standing issue of disparities of prices between states.
Ifure said the reduction in fuel prices is expected to have a positive impact on the economy, boosting productivity, reducing business costs and helping to revive the economy.
The ACCL noted that truckers, farmers and small businesses will benefit from the reduction, which could lead to lower overall costs and increased economic activity.
“The African Center for Credible Leadership (ACCL) would like to commend the Dangote Refinery for its innovative impact on Nigeria’s fuel subsidy regime and its recent reduction in fuel prices.
“The commissioning of the refinery has significantly altered the narrative on fuel subsidy, paving the way for a more sustainable and self-sufficient energy ecosystem.
“We recognize the visionary leadership of Aliko Dangote, whose commitment to investing in Africa's growth has resulted in a revolutionary project. The Dangote Refinery's contribution to Nigeria's energy landscape is testament to the power of private sector-led initiatives to transform the continent's economic fortunes.
“The recent reduction in fuel prices is a welcome development that will bring relief to Nigerians across the country. By reducing the ex-depot price of petrol from N970 to N899 per litre, Dangote Petroleum Refinery has demonstrated its commitment to supporting the Nigerian government’s efforts to stabilize the economy.
“Furthermore, Dangote’s partnership with MRS Oil Nigeria Plc to offer petrol at N935 per liter at all MRS filling stations across the country is a bold step to address the long-standing issue of price disparities between states. This measure will ensure that all Nigerians have access to affordable fuel, regardless of their geographical location.
“Reducing fuel prices is not just about saving money at the pump; It is about increasing productivity, reducing business costs and helping to revive the economy.
“When fuel costs go down, it affects everything from the delivery of goods to the price of services. “Shippers, farmers and small businesses will benefit from this reduction, which could lead to lower overall costs and increased economic activity.”
The ACCL also praised Dangote's commitment to corporate social responsibility and his support for the Nigerian government's economic revival efforts.
The Center urged other African business leaders and governments to take inspiration from the Dangote Refinery success story and replicate similar initiatives that can boost economic growth, reduce dependence on foreign aid and improve the lives of African citizens.