Billionaire business mogul Femi Otedola has passionately called on Nigerians and the government to support Aliko Dangote, Chairman of Dangote Group. In a recent post on his X account, Otedola praised Dangote as a “titan created specially for mankind” and emphasized the importance of creating an enabling environment for his businesses to thrive. According to Otedola, Dangote’s contributions extend beyond industrial facilities to critical infrastructure, making him an essential figure in Nigeria’s economic landscape.
Otedola highlighted Dangote’s significant achievements, including the establishment of the largest single-train refinery in Lagos, the second-largest sugar refinery in the world, also in Lagos, and the largest cement factory in the world, located in Kogi. Additionally, Dangote has built one of the second-largest fertilizer plants globally, soon to surpass the largest one in Qatar, with another major fertilizer plant already exporting globally from Lagos. These accomplishments underscore Dangote’s pivotal role in industrializing Nigeria and boosting its economy.
Dangote’s Contributions and Challenges
Otedola pointed out that Dangote is not only the largest private sector employer in Nigeria but also one of the country’s top taxpayers. He mentioned that Dangote’s companies often pay more in taxes than the top banks combined, highlighting the substantial financial contribution to the nation’s revenue. Otedola noted, “If not for him, we would still be importing cement.” This statement underscores Dangote’s impact on reducing Nigeria’s reliance on imports and fostering local production.
Dangote’s contributions to infrastructure development are equally significant. He has built major roads such as the Apapa Oshodi-Owonrosoki Express Road, Wharf Road, and the Obajana-Kabba Road. These infrastructure projects are crucial for improving transportation and logistics within Nigeria, further supporting economic growth.
Recently, Dangote has faced challenges, including claims that a cabal is blocking his efforts to import crude oil. The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) stated that the Federal Government has not yet licensed Dangote’s refinery, which is still in the pre-commissioning stage. This delay has slowed down operations and raised concerns about potential obstacles to Dangote’s business ventures.
Despite these challenges, Dangote has remained committed to his vision. In an exclusive interview with Premium Times, he expressed his willingness to sell the refinery to the Nigerian National Petroleum Corporation Limited (NNPCL) to address allegations of monopoly in the industry. Dangote stated, “Let them (NNPCL) buy me out and run the refinery the best way they can. They have labeled 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.”
Global Context and Government Support
Otedola stressed the importance of government support for visionary leaders like Dangote by drawing parallels with historical and global examples. He cited the United States’ support for industrial giants such as Cornelius Vanderbilt, John D. Rockefeller, Andrew Carnegie, J.P. Morgan, and Henry Ford. These men built America’s industrial landscape and left behind enduring institutions and industries. Their contributions were not only supported by the government but also crucial for the country’s progress.
Similarly, Otedola pointed out that modern tech giants like Microsoft and Tesla received substantial support from the US government. He mentioned that in January 2010, the Department of Energy issued a $465 million loan to Tesla Motors to produce all-electric plug-in vehicles and develop a manufacturing facility in Fremont, California. This initiative was part of broader efforts, including the federal EV-charging program supported by the infrastructure law known as the National Electric Vehicle Infrastructure program (NEVI).
Otedola also highlighted how countries like India, Vietnam, South Africa, Brazil, and China have successfully supported local businesses to spur industrialization and economic growth. In India, the government has backed business titans like Gautam Adani and Mukesh Ambani, whose companies have significantly contributed to the country’s economic growth. Vietnam 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 for maintaining 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.
Source: Punch
