Femi Otedola, the chairman of Geregu Power PLC, has praised the commencement of production at the Dangote refinery. He stated that Nigeria’s dependence on foreign fuel sources may soon come to an end. Otedola believes the refinery represents a major diversification in Nigeria’s economic growth, as the country no longer needs to rely on international powers for its fuel supply. This move could position Nigeria as a key player in global energy markets and improve domestic economic stability, especially as the country has long struggled with fuel shortages and dependency on imports.
According to Otedola, this achievement, spearheaded by Aliko Dangote, is a monumental step toward liberating Nigeria from years of economic dependency. The business magnate expressed his admiration for the Dangote Group, stating that the refinery’s production is not only an industrial milestone but a symbol of national pride and self-sufficiency. Otedola’s comments show optimism about the project’s potential to transform Nigeria’s oil sector and economy, particularly as the country faces continued economic challenges. Otedola also pointed out that the Dangote Refinery has surpassed expectations, especially when compared to the unfulfilled promises of the country’s state-owned refineries, such as those in Kaduna and Port Harcourt.
This success challenges Nigeria’s fuel import reliance.
These facilities have long been plagued by inefficiency and underperformance, despite heavy investments in turnaround maintenance. In contrast, Dangote’s privately funded $20 billion project has been heralded as a success story, challenging the status quo in Nigeria’s energy sector. The business tycoon also addressed the impact of the refinery on local economic elites, particularly those who have benefited from Nigeria’s dependence on imported fuel. He emphasized that the success of the Dangote refinery signals the end of this era of exploitation by local cabals who have grown rich by maintaining the country’s reliance on foreign fuel imports. These individuals, who have profited from Nigeria’s prolonged economic difficulties, now face an uncertain future as the refinery reshapes the oil landscape.
With the refinery now producing Premium Motor Spirit (PMS) and diesel, Otedola urged depot owners to prepare for the changes ahead. The Dangote refinery is expected to revolutionize the Nigerian oil industry, eliminating the need for fuel imports. As Africa’s largest oil producer, Nigeria’s dependence on foreign fuel has long been an anomaly, and the refinery’s operations mark a turning point for the nation’s oil economy. This development also holds promise for reducing the cost of fuel and boosting the country’s foreign reserves. The milestone of the refinery’s production comes at a critical time for Nigeria, which has faced persistent fuel shortages and long queues at gasoline stations.
Refinery to stabilize naira, meet global environmental standards.
The refinery’s ability to meet domestic demand is expected to alleviate these issues and bring much-needed stability to the naira. By producing Euro 5 standard diesel and gasoline, the Dangote refinery is also poised to meet international environmental standards, making Nigeria a competitive player in the global energy market. Also, Otedola extended his congratulations to President Bola Tinubu, recognizing the administration’s support in realizing this achievement. The business leader noted that the commencement of the refinery’s operations under Tinubu’s leadership marks a defining moment in Nigeria’s economic history. He also expressed pride in the nation’s progress, emphasizing that this success belongs to all Nigerians who have aspired for a better future. The Dangote refinery stands as a testament to what can be accomplished through visionary leadership and collective determination.
Meanwhile, Otedola had thrown his weight behind Aliko Dangote in the ongoing standoff between Dangote and Nigeria’s Petroleum regulators, emphasizing the importance of supporting local entrepreneurs for national progress. Otedola, chairman of Geregu Power PLC and First Bank Holdings, highlighted that Dangote’s ventures have transformed Nigeria’s Economy by reducing reliance on imports and creating jobs. He pointed to Dangote’s significant contributions, including being the largest Private Sector employer and taxpayer, as reasons for government backing. Otedola stressed that developed economies like the U.S., China, and India have advanced by rallying behind their industrial leaders, urging Nigeria to follow suit.
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Further, he emphasized that the government’s support for Dangote, particularly in his $20 billion refinery project, would be a catalyst for Nigeria’s economic independence. Producing 650,000 barrels of oil daily could finally end Nigeria’s dependence on petroleum imports. Otedola likened Dangote’s success to industrialists in other nations, such as Gautam Adani in India and Huawei in China, where state support has led to global business dominance. According to Otedola, backing Dangote’s endeavors is essential for driving Economic Growth and positioning Nigeria as a competitive force in the global market.