Refinery: Why Nigerians Should Support Dangote – Otedola

Billionaire business mogul, Femi Otedola, has explained why Nigerians, particularly the government should support the Chairman of Dangote Group, Aliko Dangote, by creating an enabling environment to ensure businesses thrive.

He argued that Dangote’s contributions which extend beyond industrial facilities to critical infrastructure, must be recognised and supported by all means.

Otedola, who rose in defence of his friend and business ally in a post on his X account on Tuesday, described Dangote as a “titan that God created specially for mankind”.

“In Nigeria, we have our own titans, and it is imperative that we recognise and support them. Aliko Dangote has broken every boundary in worldwide business and industry. His contributions are not just a testament to his brilliance but a beacon of what is possible when vision meets opportunity.

“Supporting local champions like Dangote is crucial for our national development and economic independence. Let us continue to foster and support these visionaries who drive our nation’s progress,” Otedola said.

He added, “My brother, the visionary, has built the largest single train refinery in the world, not in Kano, but in Lagos State. He is the owner of the second-largest sugar refinery in the world, also in Lagos State, and the largest cement factory in the world, not in Kano, but in Kogi State. Additionally, he has established one of the second-largest fertilizer plants in the world, soon to surpass the biggest one in Qatar, also in Lagos State. Furthermore, he has built a fertilizer plant in Lagos that already exports globally. Aliko Dangote is a titan that God created specially for mankind.

“Aliko Dangote is also the largest private sector employer of labor in the country, and his companies are among the largest taxpayers. In fact, the Dangote Group often pays more in taxes than the top banks combined. If not for him, we would still be importing cement.”

According to him, Dangote’s contributions extend beyond industrial facilities to critical infrastructure, having built major roads such as the Apapa Oshodi-Owonrosoki Express Road, Wharf Road, and the Obajana-Kabba Road.

Otedola said, “Countries in the nascent stages of industrialization require visionary leaders. This is why it’s no surprise that the United States was built by the vision and tenacity of a few remarkable individuals—Cornelius Vanderbilt, John D. Rockefeller, Andrew Carnegie, J.P. Morgan, and Henry Ford—The men who built America’s industrial landscape. These men left the world without these assets but left behind a legacy that has kept their country thriving generation after generation. Their contributions were immortalized not in the material wealth they amassed but in the enduring institutions and industries they established. These visionaries were also supported by their government, which recognized the importance of fostering local champions.

“Similarly, today’s tech giants like Microsoft and Tesla received substantial support from the US government. For example, in January 2010, the Department of Energy issued a $465 million loan to Tesla Motors to produce specially designed, all-electric plug-in vehicles and to develop a manufacturing facility in Fremont, California to produce battery packs, electric motors, and other powertrain components for powering these innovative vehicles. This initiative is part of broader efforts, such as the federal EV-charging program supported by the infrastructure law known as the National Electric Vehicle Infrastructure program, or NEVI.

“In India, the government has been instrumental in supporting business titans like Gautam Adani and Mukesh Ambani. Their companies have received significant backing to grow and expand, contributing substantially to India’s economic growth and global business footprint.

“There are also records of emerging market countries like Vietnam, South Africa, Brazil, and China where their governments have supported local businesses to jump-start industrialization. In Vietnam, the government has provided various incentives to tech companies, fostering a rapidly growing technology sector. In South Africa, government support for the mining industry has been crucial in maintaining its global competitiveness. Brazil has seen substantial government investment in its agricultural sector, transforming it into one of the world’s leading food exporters. In China, government backing for companies like Huawei and Alibaba has propelled them to global leadership in technology and e-commerce.”

Dangote has been in the news lately after claims that a cabal was blocking his moves to import crude and how it has been difficult to get the products, slowing down operations.

Last week, the Nigerian Midstream and Downstream Petroleum Regulatory Authority said the Federal Government was yet to license the Dangote refinery to begin operations in the country.

The NMDPRA Chief Executive Officer, Farouk Ahmed, disclosed this while speaking with journalists at the State House on July 18, 2024.

According to Ahmed, the claims of ongoing efforts to scuttle the operations of Dangote refinery due to lack of supply of crude oil by International Oil Companies were not true, adding that the refinery was still at the pre-commissioning stage and has not been licensed yet.

Ahmed added that the diesel product of Dangote was below international standard, a claim which the businessman had refuted.

Also, Dangote has made an offer to sell the refinery to the NNPCL. Speaking in an exclusive interview with Premium Times on Sunday, the businessman expressed his willingness to sell the refinery to address allegations of monopoly in the industry.

“Let them (NNPCL) buy me out and run the refinery the best way they can. They have labelled me a monopolist. That’s an incorrect and unfair allegation, but it’s OK. If they buy me out, at least, their so-called monopolist would be out of the way.

“We have been facing fuel crisis since the 70s. This refinery can help in resolving the problem but it does appear some people are uncomfortable that I am in the picture. So I am ready to let go, let the NNPC buy me out, run the refinery,” Premium Times quoted him as saying.

Punch