Billionaire businessman Femi Otedola has called on Nigerians, especially the government, to support Aliko Dangote, Chairman of Dangote Group, in creating a business-friendly environment that will allow his projects to thrive.
Otedola emphasized Dangote’s significant contributions to Nigeria’s industrial and infrastructure development, which he believes deserve recognition and backing.
In a post on his X account on Tuesday, Otedola described Dangote as a “titan that God created specially for mankind.” He highlighted that Dangote’s achievements go beyond business success and contribute to national progress.
Otedola elaborated on Dangote’s numerous ventures, including the world’s largest single-train refinery located in Lagos, the second-largest sugar refinery also in Lagos, and the largest cement factory in Kogi State.
“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 said.
He added, “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.”
“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 faced challenges, including delays in licensing his refinery and accusations about the quality of his diesel products.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) clarified that the refinery is still in the pre-commissioning stage and has not yet been licensed. They also addressed concerns about crude oil supply, stating that the refinery’s operations are not being intentionally obstructed.
In response to allegations of monopoly, Dangote has expressed willingness to sell his refinery to the Nigerian National Petroleum Corporation Limited (NNPCL). In an interview with Premium Times, he said, “Let them buy me out and run the refinery the best way they can. They have labelled me a monopolist. That’s an incorrect and unfair allegation, but it’s OK. If they buy me out, at least, their so-called monopolist would be out of the way.”
