Nigerian billionaire Femi Otedola has lauded the newly operational Dangote Refinery, declaring it a significant setback for the entrenched fuel import cabals that have historically exploited Nigeria’s reliance on imported oil.
In a message posted on X (formerly Twitter), Otedola celebrated the refinery’s achievement, describing it as a game-changer for Nigeria’s energy independence and a decisive blow to the economic grip of those benefiting from the nation’s dependency on foreign fuel.
Reflecting on the journey over the past 25 years, Otedola recounted how he and Aliko Dangote initially aimed to revolutionize Nigeria’s energy sector. Despite early setbacks, including unsuccessful attempts to acquire stakes in the Kaduna and Port Harcourt refineries, Dangote’s persistence led to the success of the Dangote Refinery.
Otedola praised Dangote’s dedication, noting, “You have not only built a refinery but have freed us from the economic chains that have long hindered our nation.” He emphasized the transformative impact of the refinery, which he believes will reshape Nigeria’s energy landscape and end the exploitation by local importation cabals.
Drawing a parallel to Dangote’s earlier success in the cement industry, Otedola anticipated a similar disruption in the fuel market. He advised those involved in fuel importation to prepare for obsolescence, suggesting they might consider dismantling their infrastructure as domestic production takes over.
Otedola also reflected on his own contributions to the energy sector through Zenon Petroleum and Gas Limited, which filled a crucial gap in diesel supply left by the Nigerian National Petroleum Corporation (NNPC). He acknowledged that while Zenon played a vital role, the Dangote Refinery represents a new milestone for the country.
In closing, Otedola expressed deep respect for Dangote and his team, highlighting that this achievement is a triumph not only for Dangote but for all Nigerians who aspire to make a difference. He hinted that the success of the Dangote Refinery might signal the beginning of even greater advancements for Nigeria.
With the Dangote Refinery now operational, Nigeria stands to greatly reduce its dependence on imported fuel, marking a significant shift in the nation’s economic trajectory. This development is expected to enhance Nigeria’s energy security and provide a substantial boost to the economy by reducing the outflow of foreign exchange used for fuel imports.
