The federal government has issued a stern warning to the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) and the management of Dangote Refinery, urging them to prevent their ongoing labor dispute from escalating. Officials emphasized that any interruption to the operations of this multibillion-dollar refinery could severely impact Nigeria’s economy.
At the 31st Nigerian Economic Summit held in Abuja on Monday, President Bola Ahmed Tinubu highlighted the refinery’s significance, referring to it as a “national asset” that should be safeguarded through constructive dialogue rather than conflict.
Represented by Vice President Kashim Shettima, the President remarked, “Aliko Dangote represents more than just an individual; he embodies an institution. It is imperative that we unite to protect Nigeria’s economic strength.” Shettima added, “Had he invested $10 billion in global tech giants like Apple or Tesla, his net worth might be around $78 billion today. Instead, he chose to invest in Nigeria, and this investment must be preserved as a legacy for future generations.”
These comments come amid rising tensions between PENGASSAN and Dangote Industries Limited, the operators of Africa’s largest oil refinery located in Lekki, Lagos. The union has accused the company of unfair labor practices, including attempts to casualize certain worker categories, insufficient welfare benefits, and failure to fully recognize the union’s representation rights.
Dangote Industries, on the other hand, insists it upholds fair labor standards and describes the dispute as a misunderstanding currently being resolved through dialogue involving the Ministry of Labour and Employment and other stakeholders.
In his address, Shettima called on both parties to exercise restraint and demonstrate patriotism, stressing that the refinery is a strategic national asset with the potential to revolutionize Nigeria’s energy sector, generate thousands of jobs, and bolster the naira by reducing fuel import reliance.
“I urge both labor and the private sector to reflect carefully and act with a strong sense of national duty,” the Vice President stated. “Endangering this vital investment does not prove any point; it jeopardizes the foundation of our industrial future.”
He encouraged PENGASSAN to prioritize negotiation and institutional mechanisms over confrontation, emphasizing that maintaining industrial peace is crucial for sustaining investor confidence and driving economic recovery.
“Protecting this refinery is a responsibility that belongs to all Nigerians,” Shettima added. “This issue transcends a single company-it concerns the future prosperity of our nation.”
His remarks echoed the Tinubu administration’s broader economic vision, which promotes enhanced collaboration among government, labor, and the private sector to foster sustainable development. The government is increasingly engaging directly with market forces to dismantle bureaucratic obstacles and improve the investment climate.
“To stimulate economic growth and expand investment opportunities, the government is now actively intervening beyond traditional protocols,” Shettima explained.
Meanwhile, the federal government has set an ambitious goal to eradicate poverty within five years, addressing the alarming rise in poverty rates since the current administration’s implementation of stringent policies that have pushed more citizens into hardship.
Atiku Bagudu, Minister of Budget and Economic Planning, expressed optimism that by 2030, Nigeria will have drastically reduced multidimensional poverty to minimal levels.
Data from the World Bank reveals that poverty among rural Nigerians has surged to 75.5%, highlighting deepening inequality and widespread economic distress. The minister affirmed the government’s commitment to enhancing macroeconomic stability and enacting reforms aimed at securing long-term national prosperity.
However, the Nigerian Economic Summit Group (NESG) cautioned that achieving industrialization and the $1 trillion economy target requires deliberate policy adjustments and macroeconomic stability to enable businesses to plan effectively. “Current interest rates are not conducive to investment,” noted NESG Vice Chairman Omoboyede Olusanya during the summit.
He stressed the need for increased agricultural output, infrastructure development, capital mobilization, and private sector funding through risk mitigation, investment protection, and security enhancements. Olusanya also emphasized the importance of focused human capital development.
The NESG urged the federal government to consolidate ongoing economic reforms to stimulate job creation, inclusive growth, and national wealth.
NESG Chairman Olaniyi Yusuf praised the government’s bold economic reforms but warned that the stabilization phase must swiftly transition into consolidation to ensure reforms yield tangible benefits for Nigerians.
Yusuf highlighted that Nigeria stands at a pivotal moment following courageous policy measures such as fuel subsidy removal, foreign exchange market unification, and tax reforms-actions he described as “necessary yet challenging.”
“Our mission is clear: transform dialogue into decisive action and decisions into transformative outcomes to build a prosperous, inclusive Nigeria by 2030,” Yusuf declared.
He acknowledged that while stabilization efforts have begun to bear fruit, they have also imposed hardships on millions. Moving forward, the government and private sector must collaborate to solidify reform gains by promoting enterprise growth, job creation, and social inclusion.
“If stabilization has provided us with breathing room, consolidation must offer clear direction-turning fragile recovery into robust, inclusive growth,” the NESG Chairman emphasized.
Yusuf introduced the NESG’s reform framework centered on the “Five I’s”: Industrialization, Infrastructure, Investments, Inclusion, and Institutions. He described these pillars as essential to Nigeria’s development strategy for 2026-2030.
“These are practical foundations, not abstract ideas. Capital flows where there is predictability, credibility, and trust. We must clearly communicate that Nigeria welcomes investment,” he stated.
Minister Bagudu reaffirmed the government’s commitment to evidence-based policymaking, cross-sector collaboration, and reforms that foster long-term economic stability and resilience.
He also unveiled the ‘Renewed Hope Ward Based Development’ initiative, a people-centered program designed to uplift economically active citizens and ensure grassroots communities directly benefit from ongoing reforms. “We are bringing development to the grassroots,” Bagudu affirmed.
The minister highlighted the administration’s focus on job creation in digital skills, agriculture, the creative economy, and innovation, emphasizing the government’s intent to unlock growth potential while valuing private sector input.
The 31st Nigerian Economic Summit, themed “The Reform Imperative: Building a Prosperous and Inclusive Nigeria by 2030,” convened government officials, private sector leaders, and development partners to strategize on sustaining economic growth and inclusive development in the coming years.
