By Ayomide Otitoju
President Bola Ahmed Tinubu has condemned the recent strike by the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), describing it as an act capable of holding the nation to ransom and sabotaging its economic progress.
Speaking at the 31st Nigeria Economic Summit Group (NESG) in Abuja, themed “The Reform Imperative: Building a Prosperous and Inclusive Nigeria by 2030,” Tinubu, represented by Vice President Kashim Shettima, said the industrial action, which disrupted crude oil and gas supplies to the $20 billion Dangote Refinery, should never have occurred.
“We cannot hold the whole nation to ransom because of issues that we can amicably settle across the table,” the President said, urging union leaders to show patriotism and sensitivity to national security in their agitations.
Tinubu described the Dangote Refinery and Petrochemicals complex as a national asset that must be “jealously protected, promoted, and preserved” in the national interest. He warned that any threat to the 650,000-barrel-per-day facility should be regarded as economic sabotage.
He further commended Alhaji Aliko Dangote, President of the Dangote Group, for his faith in Nigeria’s economy, noting that his decision to invest massively in the country rather than abroad reflected a deep commitment to national development.
“If he had invested $10 billion in Microsoft, Amazon, or Google, he might be worth $70 to $80 billion today. But he chose to invest in Nigeria, and we owe it to future generations to promote and protect such a Nigerian,” Tinubu said.
The President also reaffirmed his administration’s commitment to safeguarding all investments, promising that nothing would be allowed to disrupt the refinery’s operations.
NNPCL Confirms Major Production and Power Losses
Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Bayo Ojulari, disclosed that Nigeria lost about 200,000 barrels of crude oil per day and 1.2 megawatts of power generation during the PENGASSAN strike.
He said the industrial action caused deferred gas output and temporarily disrupted the energy supply chain, resulting in a brief spike in gas prices and scarcity across parts of Lagos.
Ojulari, who briefed the President in Lagos, commended the Federal Government’s swift intervention through the Minister of Labour and Employment, Dingyadi, and National Security Adviser, Nuhu Ribadu, which brought both parties back to the negotiation table.
“Everyone was brought to the table, and a communiqué was agreed upon on the way forward. We are very hopeful that all parties will abide by it,” he said.
The NNPCL chief added that Nigeria’s crude oil production hit 1.68 million barrels per day in September, the highest in five years, and projected an increase to 1.8 million bpd by December, following ongoing maintenance and production recovery efforts.
Government Unveils Economic Support Measures
President Tinubu also outlined measures to stabilise the economy and drive industrialisation. He announced a ₦200 billion intervention fund to support micro, small, and medium enterprises (MSMEs) and manufacturers, as well as a youth empowerment initiative providing up to $100,000 in grants, loans, and equity investments.
He noted that the newly signed Tax Reform Act—which introduced the Nigeria Tax Administration Act, Nigeria Revenue Service Establishment Act, and Joint Revenue Board Establishment Act—would simplify compliance, protect low-income earners, and strengthen domestic revenue generation.
“We will stabilise prices and currency, industrialise through power, logistics, and technology, and humanise our economy for inclusive growth,” he said.
Experts, Citizens Call for Protection of Key Investments
Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), Dr. Muda Yusuf, urged the government to establish a policy framework to prevent unlawful shutdowns of critical businesses.
He stressed that protecting investors was essential for sustainable growth, employment, and national prosperity.
“This is not about weakening labour unions but about balancing rights and responsibilities to foster sustainable economic growth, social stability, and national security,” Yusuf said.
Meanwhile, in Kaduna, protesters under the banner of Partners for National Economic Progress (PANEP) took to the streets, demanding that the Federal Government act against those sabotaging local refining efforts.
Carrying placards with messages such as “Support Local Refining” and “Protect Dangote Refinery,” the protesters accused an unnamed oil cartel of frustrating domestic refinery initiatives.
Their leaders, Comrade Igwe Ude-Umanta and Comrade Dahiru Umar Maishanu, said the protest aimed to draw attention to the need to defend national assets like the Dangote Refinery from economic manipulation.
“Nigeria must be liberated from vested interests profiting from importation and scarcity at the expense of national development,” they declared.
