By Abdulfatah Babatunde
Lagos, Feb. 2, ’25 (TNZ) The Democratic Front (TDF) welcomes a renewed sense of patriotism in Bloomberg’s report and analysis on the eight-year record decline in Nigeria’s petroleum products importation index.
TheNewsZenith reports that the Bloomberg report attributed the imports slide to rising domestic refining of petroleum products by indigenous refineries.
In a statement jointly signed by Mallam Danjuma Mohammed and Chief Wale Adedayo, TDF noted that the previous regimes in Nigeria discouraged domestic refining of petroleum products.
This, it said, exposed the nation to decades of wasteful expenditure on petroleum importation, amounting to billions of dollars.
“Indeed, the nation was deprived of meaningful development.
“This was as money made from the sales of crude oil went into the importation of petroleum products,” TDF stated.
It listed economic stagnation, high unemployment rate, lack of productivity, corruption and insecurity as part of the prices the nation paid for its misplacement of economic priority.
“It is this catastrophic economic decision that dragged the country’s economy to the brink of collapse.
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“This made President Bola Ahmed Tinubu’s reforms an inevitable necessity for national survival.
“Our assessment has shown that in less than two years, the implementation of Tinubu’s far-reaching economic reforms has changed Nigeria’s socio-economic fortunes for the better.
“The huge plunge in Nigeria’s petroleum products importation to an eigh-year low has significantly saved foreign exchange.
“This has helped the economy to create jobs and boost productivity. Similarly, it has enhanced the stability and consistent firming of the Naira,” TheNewsZenith quoted the statement in part.
For this reason, TDF decided to espouse the projections of Bloomberg on the enormous economic gains that await Nigeria, if the declining trend in fuel importation continues.
“If the Dangote, Port-Hacourt and Warri refineries continue to produce, Nigeria would have saved an estimated $10 billion annually.
“This will pave the way for the country’s eventual emergence as the new global economic power from Africa.” (TNZ)
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