The recent tensions surrounding the Dangote Refinery have sparked strong reactions from prominent figures, including Akinwunmi Adesina, Femi Otedola, and Peter Obi, who voiced concerns over the Federal Government’s ill-treatment of Aliko Dangote.
Early this morning, Femi Otedola made a post quoting a statement by the Chairman of the African Development Bank, Akinwunmi Adesina, on the matter, which read:
“This whole issue on Dangote is shocking and creating bad waves for Nigeria globally. Monopoly often exists where there are high barriers to entry or high capital costs. How many individuals or companies can do railways? How many can do refineries of the scale of Dangote Refineries?
In a nation that has been importing refined petroleum products for several decades, the abnormal simply became very normal. No smart investor would make a $19.5 billion investment and want it to be undermined by importers. To manufacture is extremely expensive and risky,” he said.
“This is even more so in Nigeria, given the very challenging business and economic environment, fraught with policy uncertainties and policy reversals, and where the self-defeating default mode of ‘simply import it’ is always so easily rationalized and chorused to solve any problem.”
He continued, “Competition is good for everyone. But is Dangote Refineries anti-competitive? What is the evidence? Has Dangote Refineries prevented any other company from setting up refineries? Why have others not done so? How come they have not done so for several decades? Was it Dangote that held them back? But Dangote Refineries surely cannot be asked to ‘compete’ with importers of petroleum products. That is not competition. Let the importers set up local refineries and compete by refining in Nigeria. That is fair and justified competition. We cannot and must not undermine, disparage or kill local industries, especially one that is of this scale — a jewel of industrialization in Nigeria.”
“It is more than simply delivering the cheapest product to the market. It is about domestic supply security, driving (and yes, protecting) globally competitive industries, maximizing forward and backward linkages in the local economy, job creation, reducing forex expenses, and shoring up the Naira. We must not be myopic. This whole disparaging of Dangote is uncalled for. It is self-defeating. And it is very bad for Nigeria. Who will want to come and invest in a country that disparages and undermines its own largest investor? Investing is tough. Pettiness is easy. It sadly sends a signal that the price for sacrificing for Nigeria is to get sacrificed.”
The Presidential Candidate for the Labour Party, Peter Obi, advocated for Dangote on X. His post read:
“Dangote Refinery Should Be Fully Supported, Not Vilified. The recent conflicts between Dangote Industries and some government agencies are deeply troubling. This issue transcends political affiliations and personal grievances. It is fundamentally about Nigeria’s economy, future, and the well-being of its citizens. Given Alhaji Dangote’s significant contributions to Nigeria, it is crucial that these disputes are resolved swiftly.”
“Government agencies should be directed to offer the necessary support for the seamless launch and operation of the Dangote Refinery and its associated enterprises. The refinery has the potential to generate approximately $21 billion in annual revenue and create over 100,000 jobs, with numerous additional positive impacts on the economy. Its strategic importance in addressing Nigeria’s fuel crisis, boosting foreign exchange earnings, and fostering economic growth cannot be overstated,” he added.
“The refinery is too vital to fail and must not be hindered, considering its crucial role in our national welfare. The Federal Government and its agencies need to recognize the significance of Dangote’s contributions. Alhaji Dangote is not just a businessman; he is a national and African brand symbolizing patriotism, commitment, and impactful entrepreneurship. Despite operating in a challenging business environment, he has established a remarkable industrial hub in Nigeria, encompassing over 15 sectors, including cement, sugar, salt, fertilizer, infrastructure, tomatoes, automotive, energy, petrochemicals, rice, poly sacks, real estate, mining, logistics, and maritime.”
“Alhaji Dangote’s unwavering dedication to Nigeria’s industrialization, job creation, and economic growth, despite adversities, warrants full support and protection. With economic indicators like unemployment, inflation, forex scarcity, and debt worsening, every sensible and patriotic government should regard enterprises like Dangote Industries as national treasures, meriting robust support and protection.”
“In the interest of Nigeria and its citizens, as well as Africans at large, I urge the Federal Government and its agencies to provide Dangote Industries, especially the refinery, with all necessary support. The success of Dangote is intrinsically linked to the success of Nigeria and Africa; conversely, its failure would be a significant setback for both Nigeria and the continent,” he said finally.
However, this act did not sit well with some Nigerians, as they claim these ‘billionaires’ never spoke out against the present administration until it affected their own interests.
A well-known X user, Daniel Regha, commented on Otedola’s post, saying:
“Otedola, you can’t be talking about not k!lling local industries if your show of support/concern only goes to Dangote. What about the policies affecting other brands, or are only Dangote’s businesses important to fight for? Whatever is happening now is being done in the regime of your ‘Great Friend.’ Let’s not forget that.”
Another X user commented:
“terrorism, quiet; kidnapping, quiet; Banditry, quiet; Nigerians suffering, quiet. But as it concerns your friend’s money, you suddenly found your voice.”
“I love this piece. The problem with a statement like this is that the grace FO wants to be extended to Dangote was not extended by the same person to growing businesses/SMEs or competitors. That’s my bone of contention,” said another user.
