Chief Emmanuel Folorunso Ogunnaike, an industrialist and First Deputy President of the Ibadan Chamber of Commerce, Industry, Mines and Agriculture (IBCCIMA), has praised Aliko Dangote, President of Dangote Group, for his recent initiatives in Nigeria’s petroleum sector that have led to lower petrol prices and improved fuel availability across the country.
At a press conference in Ibadan, Ogunnaike highlighted that the reduction in petrol prices has provided much-needed relief for households, transport operators, and businesses, especially amid ongoing economic challenges.
However, he emphasized the urgent need for similar price reductions in diesel, pointing out that the high cost of automotive gas oil (AGO) is burdensome for manufacturers and the broader productive sector. Ogunnaike explained that unreliable electricity supply has forced many businesses, including manufacturers and poultry farmers, to depend on diesel-powered generators, significantly driving up their operational costs.
He stated, “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.”
Ogunnaike appealed to Dangote to adapt the same strategy used for petrol price cuts to achieve a substantial reduction in diesel prices. He expressed optimism that such a move would alleviate production costs, enhance industrial productivity, improve competitiveness, and ultimately support job creation.
He concluded by acknowledging Dangote’s positive impact on Nigeria’s economy and the potential benefits of reducing diesel prices for struggling industrialists.
