NIGERIAN businessman Femi Otedola has weighed in on the rift between the federal government and the chairman of Dangote Industries Limited and Africa’s richest man, Aliko Dangote.
In a post via his X handle on Tuesday, July 23, Otedola said supporting Dangote was crucial to Nigeria’s growth, based on his contributions so far to economic development in the country.
He stated that many developed countries were built by the efforts of some individuals who contributed greatly to industrialisation and were supported by their governments. He urged Nigeria to do likewise.
“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.
“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 wrote in his post.
Dangote expressed frustration recently over hindrances to the survival of his refinery, posed by International Oil Companies (IOCs) operating in Nigeria, which he said had frustrated his company’s requests for locally-produced crude.
The Dangote Refinery was commissioned in May 2023, in an event that had former Nigerian President Muhammadu Buhari in attendance, with expectations that it would generate 9,500 direct and 25,000 indirect jobs.
Before it was commissioned, the Nigerian National Petroleum Company Limited (NNPCL) said it acquired a 20 per cent stake in the refinery.
However, Dangote disclosed in July 2024 that the company failed to fulfill certain obligations, and would now own only 7.2 per cent of the refinery.
Shortly after this disclosure, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) said the refinery had not been licensed and was still in its pre-commissioning stage.
Chief Executive Officer of the NMDPRA Farouk Ahmed also said Dangote requested a halt to the importation of petroleum products which might lead to a monopoly.
Following these comments, the businessman refuted the comments and announced that he would no longer continue his investments in the country’s steel industry to avoid accusations of monopoly.
He also said that a colleague who advised him against investing in Nigeria had begun to taunt him following the rift between his company and the government.
Ijeoma Opara is a journalist with The ICIR. Reach her via vopara@icirnigeria.org or @ije_le on Twitter.