It’s Game, Set and Match — ALIKO DANGOTE
3 min read
The recent controversy surrounding Aliko Dangote’s $20 billion refinery has ignited significant discussion in Nigeria. The catalyst for the debate was a statement from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), claiming the government had not yet licensed the Dangote refinery to commence operations. Additionally, the NMDPRA criticized the quality of diesel produced at the refinery, labeling it inferior to imported products.
In response, Aliko Dangote, during a visit by members of the House of Representatives to his refinery, strongly refuted these allegations. He expressed frustration at being labeled a monopolist and hinted that his company’s board might reconsider plans for a new steel plant in Nigeria to avoid further criticism.
This controversy has drawn the support of various stakeholders who urge the federal government to back industrialists. Billionaire businessman Femi Otedola advocated for local investors like Dangote, describing him as a “titan that God created especially for mankind.” Otedola emphasized the importance of recognizing and supporting local visionaries, drawing parallels with historical figures like Cornelius Vanderbilt and John D. Rockefeller, who built America’s industrial landscape.
Peter Obi, the Labour Party’s presidential candidate in the 2023 election, also supported Dangote. He stressed the refinery’s crucial role in Nigeria’s economic stability, urging the government to resolve conflicts swiftly and support the refinery’s seamless operation. Obi highlighted the refinery’s potential to generate billions of dollars, create thousands of jobs, address Nigeria’s fuel crisis, boost foreign exchange earnings, and foster economic growth.
Akinwumi Adesina, President of the African Development Bank (AfDB), also defended Dangote against monopoly accusations. He argued that Dangote’s investment should not be undermined by importers, highlighting the high barriers to entry and capital costs associated with such large-scale projects. Adesina pointed out that Dangote’s refinery has not prevented other companies from setting up refineries, questioning why others have not done so for decades.
Human rights lawyer Femi Falana expressed concern over the government’s contradictory actions, which he believes send a negative signal to investors. Speaking on Channels TV, Falana criticized the government for seeking foreign investment while undermining local investments. He emphasized the importance of supporting local enterprises, especially those with the potential to create significant employment opportunities.
Similarly, Atiku Abubakar, the People’s Democratic Party’s presidential candidate in the 2023 election, described the conflict between Dangote and NMDPRA as troubling. He stressed the importance of the Dangote refinery for Nigeria’s energy and economic stability, warning that neglecting such significant investments could deter foreign direct investment (FDI).
Adetilewa Adebajo, CEO of CFG Advisory, also weighed in on the issue during an Arise TV program. He emphasized that the success of the Dangote refinery could help reduce inflation and boost productivity in Nigeria. Adebajo stressed the importance of effective economic management, noting that stabilizing energy supply and security through successful projects like the Dangote refinery is crucial for economic growth.
In conclusion, the Dangote refinery controversy has highlighted the critical role of local industrialists in Nigeria’s economic development. Prominent figures have called for government support to ensure the success of significant investments like the Dangote refinery, which have the potential to drive economic growth, create jobs, and enhance national stability. The consensus is clear: supporting visionary leaders like Aliko Dangote is essential for Nigeria’s progress and prosperity.
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