By Adeola Badru
An Ibadan-based industrialist and First Deputy President of the Ibadan Chamber of Commerce, Industry, Mines and Agriculture (IBCCIMA), Chief Emmanuel Folorunso Ogunnaike, MFR, has commended the President of Dangote Group, Alhaji Aliko Dangote, for his intervention in Nigeria’s petroleum sector, which has led to reduced petrol pump prices and improved fuel availability nationwide.
Speaking at a press conference in Ibadan on Monday, Ogunnaike said the petrol price cuts have brought relief to households, transport operators and businesses, describing the development as timely and impactful amid prevailing economic challenges.
However, he urged Dangote to urgently extend the price reduction strategy to diesel, noting that the high cost of automotive gas oil (AGO) remains a major burden on manufacturers and other productive sectors of the economy.
According to Ogunnaike, unreliable electricity supply has forced most businesses, including manufacturers and poultry farmers, to rely heavily on diesel-powered generators, significantly increasing their operating costs. He noted that many firms now spend huge sums daily on diesel, pushing up production expenses and forcing some businesses to cut output or shut down operations entirely.
He explained that diesel costs have become one of the biggest challenges facing the manufacturing sector, adding that any meaningful reduction in price would provide immediate relief to struggling industrialists.
“I am appealing to Alhaji Aliko Dangote to apply the same template used to reduce petrol prices to bring about a drastic reduction in the price of diesel,” Ogunnaike said.
He expressed optimism that a significant cut in diesel prices would ease production costs, boost industrial productivity, improve competitiveness and support job creation, while further strengthening Dangote’s positive impact on Nigeria’s economy.
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