In a call for improved business conditions in Nigeria, billionaire businessman Femi Otedola has emphasized the necessity for Nigerians, and especially the government, to provide support for Aliko Dangote, Chairman of Dangote Group, by creating an environment that encourages business growth and success.
Highlighting Dangote’s widespread contributions to Nigeria’s infrastructure and industrial development, Otedola underscored the necessity for all Nigerians, particularly the government, to acknowledge and promote Dangote’s efforts through any available means, given their far-reaching impact on the country’s economy and society.
Defending his friend and business associate on his X account on Tuesday, Otedola eulogized Aliko Dangote as a divinely-appointed titan, uniquely crafted by God to serve mankind and positively impact humanity, particularly through Dangote’s myriad contributions to Nigerian infrastructure, industry, and economy.
In Otedola’s word, “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.
He noted, “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.”
Otedola enumerated Dangote’s far-reaching contributions, which extend beyond the establishment of industrial facilities to include the construction of major roads such as the Apapa-Oshodi-Oworonshoki Expressway, the Wharf Road, and the Obajana-Kabba Road, demonstrating Dangote’s dedication to facilitating the growth and development of Nigeria’s infrastructure.
Otedola stated, “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.”
Recently, Dangote has been making headlines after claiming that a cabal is blocking his efforts to import crude oil, resulting in a slowdown in operations.
In a statement last week, the Nigerian Midstream and Downstream Petroleum Regulatory Authority revealed that the Federal Government has yet to authorize the Dangote refinery to commence operations in Nigeria.
The NMDPRA Chief Executive Officer, Farouk Ahmed, disclosed this during a briefing with journalists at the State House on July 18, 2024.
Ahmed, refuted the claims that Dangote refinery’s operations have been impeded by a lack of crude oil supply from International Oil Companies, instead asserting that the refinery is still in the pre-commissioning stage and has not yet received the necessary licensing approval from the Federal Government.
In addition, Ahmed stated that the diesel produced by Dangote did not meet the required international standards, a claim which Aliko Dangote had previously refuted.
