The federal government has cautioned the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) and management of the Dangote Refinery against allowing their ongoing industrial dispute to escalate, warning that any disruption to the operations of the multibillion-dollar facility could have dire implications for the national economy.
Speaking at the 31st Nigerian Economic Summit on Monday, in Abuja, President Bola Ahmed Tinubu described the refinery as a “national treasure” that must be protected through dialogue and mutual understanding rather than confrontation.
Tinubu, represented by Vice President Kashim Shettima, said, “Aliko Dangote is not an individual; he is an institution. We must be united in protecting Nigeria’s economic power,” Shettima said in his address. “If he had invested $10 billion in Microsoft, Amazon, or Google, he would probably be worth $78 billion today. But he chose to invest in this country, and we must protect that investment as a generational asset.”
The President’s remarks came amid heightened tension between PENGASSAN and Dangote Industries Limited, operators of Africa’s largest oil refinery in Lekki, Lagos. The union has accused the company of unfair labour practices, including attempts to casualise some categories of workers, inadequate welfare provisions, and non-recognition of the union’s full representation rights.
In response, Dangote Industries has maintained that it remains committed to fair labour standards, describing the dispute as a misunderstanding already being addressed through engagement with relevant stakeholders, including the Ministry of Labour and Employment.
In his intervention, Shettima appealed to both parties to act with restraint and patriotism, emphasising that the refinery represents a strategic national investment capable of transforming Nigeria’s energy landscape, creating thousands of jobs, and strengthening the naira through reduced fuel import dependence.
“I wish to call for caution, retrospection, and a deeper sense of patriotism from both the labour and the organised private sector,” the VP said. “You do not prove a point by endangering a national investment that holds the key to our industrial future.”
He urged PENGASSAN to continue exploring negotiation and institutional channels rather than confrontation, noting that industrial peace is essential to sustaining investor confidence and achieving national economic recovery.
“Nigeria and all Nigerians owe it a duty to generously protect, promote, and preserve the refinery,” he added. “This is not just about one company—it is about the future of our economy.”
Shettima echoed the Tinubu administration’s broader economic philosophy of strengthening collaboration between government, labour, and the private sector to drive sustainable growth. He said the federal government was deliberately taking a more direct interest in market dynamics to remove bureaucratic barriers and improve the investment environment.
“In the interest of improving investment options and economic growth, the government is now bypassing what used to be protocols to take more than a passing interest in the market,” he explained.
Meanwhile, the federal government has set an ambitious five-year target to eliminate poverty, which has more than doubled since the current administration introduced harsh policies that have thrown more people into the poverty cycle.
Minister of Budget and Economic Planning, Atiku Bagudu, said the present administration is “optimistic that by 2030, we will have eliminated and reduced multidimensional poverty to the nearest minimum.”
According to the World Bank, poverty among Nigeria’s rural dwellers surged to a worrying 75.5 per cent, underscoring growing inequality and severe economic hardship nationwide. The minister said the government is also determined to enhance macroeconomic predictability and implement reforms that would position Nigeria for long-term prosperity.
However, the Nigerian Economic Summit Group has said industrialisation and reaching the $1 trillion economy target can only be achieved through deliberate policy calibration and the creation of macroeconomic stability, where businesses can plan. “There is still work to be done. The interest rate today does not encourage investment,” the vice chairman of the NESG, Omoboyede Olusanya, said at the event.
“We need to have excess agricultural production, we need infrastructure development. We need to get investment and capital mobilisation. We need to get private sector funding by ensuring derisking, investment protection, and security,” he said while also calling for a deliberate step towards ensuring human capital development.
The NESG called for an urgent consolidation of the Federal Government’s ongoing economic reforms to drive job creation, inclusive growth, and national prosperity.
Also, chairman of the NESG, Olaniyi Yusuf, commended the government’s bold economic decisions but warned that the current phase of stabilisation must quickly transition into consolidation to ensure that reforms translate into tangible benefits for Nigerians.
Yusuf noted that Nigeria was at a critical turning point following a series of courageous policy actions, including removing fuel subsidies, foreign exchange market unification, and tax reforms, which he described as “necessary but painful.”
“The task before us is clear: to turn dialogue into decisions, and decisions into transformative actions, so that together we can build a prosperous and inclusive Nigeria by 2030,” Yusuf said.
He stressed that while the stabilisation phase of economic reforms has started yielding results, it has also exposed millions of Nigerians to hardship. According to him, the government and private sector must now work together to consolidate the gains of reform through deliberate actions that promote enterprise growth, job creation, and inclusion.
“If stabilisation has given us breathing space, consolidation must give us direction — turning fragile recovery into resilient, inclusive growth,” the NESG Chairman stated.
He also unveiled the NESG’s reform framework anchored on what he called the “Five I’s” — Industrialisation, Infrastructure, Investments, Inclusion, and Institutions, which he said should guide Nigeria’s development plan for 2026–2030.
“These are not abstract concepts; they are the pillars of reform and the foundation of the next national development plan. Capital flows where it finds predictability, credibility, and trust. We must send a clear message that Nigeria is open for investment,” he stated.
“We remain committed to policies that will unlock Nigeria’s full economic potential. The government will continue to adopt evidence-based decision-making, foster collaboration across sectors, and implement reforms that promote long-term stability and economic resilience,” Bagudu stated.
The minister said the government is driving an ambitious and people-centred iniative codenamed ‘Renewed Hope Ward Based Development’ programme designed to uplift economically active citizens, ensuring that ordinary Nigerians, particularly those at the grassroots directly feel the positive impact of the government’s on-going economic reforms. “We are taking development to the grassroot,” he stated.
Bagudu said the current administration is prioritising job creation in digital skills, agriculture, creative economy and innovation. He said government will generate more growth, unlock potentials while stating that the government value input from the private sector.
The 31st Nigerian Economic Summit, themed “The Reform Imperative: Building a Prosperous and Inclusive Nigeria by 2030,” brings together government officials, private sector leaders, and development partners to chart strategies for sustaining economic growth and inclusive development in the years ahead.
