LCCI, CPPE ENDORSE DANGOTE REFINERY’S UAE CRUDE ACQUISITION DEAL

The Lagos Chamber of Commerce and Industry (LCCI) and the Centre for the Promotion of Private Enterprise (CPPE) have thrown their weight behind Dangote Refinery’s recent acquisition of crude oil from the United Arab Emirates (UAE).

The business groups described the move as a strategic step towards ensuring steady feedstock supply for the refinery while diversifying sources beyond traditional suppliers. They noted that the deal will help stabilise domestic fuel production and reduce reliance on imported refined products.

LCCI and CPPE leaders praised the initiative for its potential to boost Nigeria’s energy security, create jobs, and support broader industrial growth. They called on the government to provide an enabling environment that encourages such private sector investments in the energy value chain.

The acquisition is seen as part of efforts to optimise the refinery’s operations amid fluctuating global oil dynamics. Stakeholders believe consistent crude supply will enhance the plant’s capacity utilisation and contribute to price stability in the downstream sector.

Both organisations urged other investors to emulate Dangote’s model of backward integration and international partnerships to strengthen Nigeria’s industrial base.

The endorsement highlights growing confidence in local refining capacity as a catalyst for economic self-reliance.