LCCI: Credit flows to manufacturing sector is a waste without tackling structural challenges 

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* Says Dangote oil Refinery’ll crash pump price of petrol, diesel 

By Industrial Digest 
” In our view, credit flows to the manufacturing sector will fail to achieve desired outcomes without putting in place measures to address structural, bottlenecks in the ports and customs processes and other policy challenges to productivity.” 
The Lagos Chamber of Commerce and Industry (LCCI) said in its just released ECONOMIC REVIEW AND OUTLOOK FOR YEAR 2021.
” Also,  we expect the commencement of operations at the Dangote Oil Refinery to reduce Nigeria’s demand for imported fuel with consequent effect on pump price from next year, ‘, said Dr. Muda Yusuf, Director-General of LCCI.
He noted that in 2020, manufacturing sector was faced with several structural challenges, with adverse impact on growth performance. 
“The sector has been struggling with growth in recent years due to tough operating conditions in the local business environment and has made most industry players less competitive in the domestic and regional markets.
“Thus, we see growth of the manufacturing sector being subdued in the near to medium term in 2021,” he said.
Dangote Oil Refinery 
He noted that the Dangote Oil Refinery has much significance for the Nigerian economy that is dependent on imported refined fuel products to lack of domestic refining capacity. 
“The refinery is aimed at boosting Nigeria’s refining capacity and help meet the increasing domestic fuel demand, while generating foreign exchange through exports. 
Official data by the National Bureau of Statistics showed that Nigerians consumed about 57 million litres of petrol daily,” he said. 
It was learned that the $12 billion Dangote Oil  is expected to commence operation towards the end of year 2021.
The refinery is a 650, 000 barrels/day integrated refinery situated in the Lekki Free Trade Zone in Lagos.
The refinery is expected to produce up to 50 million litres of gasoline and 15 million litres of diesel daily.

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