Page 13 - DMEA Week 16 2022

DMEA NEWS IN BRIEF DMEA

Petrochemical Company Limited - from the “I am keenly aware of the many challenges fill the gaps when it becomes operational.
year 2012 to date. in the business environment and the The World Bank had at the ongoing
PUNCH investment climate despite the sustained 2022 Springs Meetings of the International
efforts by this government to bring about Monetary Fund, (IMF) told the Nigerian
Emulate Dangote, Buhari improvements. authorities to stop petrol subsidy payments,
“I want to assure you, however, that
stressing that it deprives the country of funds
tells Nigeria’s business government will do everything possible to for developmental projects.
enhance the development in infrastructure,
According to the Washington-based lender,
leaders especially in energy and transportation Nigeria’s overburdening subsidy and multiple
exchange rates complicate its economy and
sectors.
President Muhammadu Buhari Friday in “We will also continue to implement distort investment inflows.
Abuja urged entrepreneurs and investors needed reforms in the public service to Emefiele, who is participating at the
to channel ideas and resources into areas significantly improve the ease of doing ongoing meeting in Washington DC, USA,
of the economy that stimulate growth, with business,’’ the president added. responded that the Nigerian government
long-term effect on job creation and poverty President Buhari lauded Mr Dangote for was not oblivious of the cost-burden posed
reduction, assuring that fixing infrastructure always investing in areas that bring the highest by subsidy but wanted to satisfy local
remains government’s top priority. benefits to Nigerians. consumption before subsidy removal.
Receiving the Chairman of Dangote “I recall, with great pleasure, my visit to He said, “When you see people talk about
Industries Ltd, Aliko Dangote, and Board the Dangote Free Zone just about four weeks removal of subsidy, I support it. When people
members of the Group at the Presidential ago, to commission the Group’s new 3 million talk about holding on to it till we get the right
Villa, the president said the challenges in metric ton fertilizer plant. Let me, once again, time, I support it also. You heard the Finance
transportation and energy will continue to congratulate you and your Board for a very Minister say we decided to defer the policy on
attract attention for a turnaround, while successful commissioning ceremony. subsidy removal till sometime next year when
urging entrepreneurs in the country and “As I said at that event, the coming on we’re sure Dangote refinery has fully taken off.
foreign investors to focus on areas that will stream of this plant was a huge opportunity to “What does that mean? It means it is easier
leave lasting legacies of transforming lives. ramp up the productivity of our agricultural for people to find the petroleum product and
“Mr. Chairman, Let me again, thank you sector. It is, therefore, a most welcome booster pay in naira, rather than the importation
and your board for the courage and foresight to our government’s strategy for achieving troubles we are going through. You’ll find
that enabled you to embark on these mega food security and reducing poverty. that the price would be a little bit high and
investment projects which will have enduring “Given recent developments globally, Dangote himself would procure the crude, out
benefits to generations of Nigerians. especially the effect of the ongoing war in of 445,000 barrels per day.”
“Entrepreneurs such as Alhaji Aliko Europe on world-wide food supply chain, I The apex bank governor said meeting local
Dangote are unique gifts to their societies must commend your foresight for bringing refining demands would prune transportation
and the institutions they build, and they the plant into operation at the time you did. logistics costs and other related charges
often become the pillars of stable enduring PREMIUM TIMES associated with fuel import.
prosperous economies. Nigeria imports virtually all its petroleum
“I, therefore, urge other Nigerians in products because of the below par
the business sector to emulate this iconic FUELS performance of its functional refineries.
entrepreneur by investing in such enterprises ICIR
that will in time become worthy legacies as Emefiele: PMS subsidy
national assets which will continue to benefit Kenyan court presses
their people for generation after generation, once Dangote becomes
creating firm anchors of enduring prosperity charges for illegally filling
for their citizens,’’ he said. operational
President Buhari told the delegation, LPG cylinders
which was on a courtesy visit, that reforms Nigeria’s Central Bank Governor, Godwin
were already going on in the public sector to Emefiele, says the Federal Government will Abdikalik Mohamed has been charged
reposition it into a more effective and result put a stop to petroleum subsidy once local in Kenya’s law court for filling liquefied
oriented engine room that will encourage consumption demand is met, with the 650,000 petroleum gas (LPG) into cylinders of other
more investments. barrels per day Dangote refinery expected to brands without prior written consent.

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