Petrol Could Have Reached N10K Per Litre Without Dangote - Oluwo of Iwo
- The Oluwo of Iwo said the Dangote Refinery had helped shield Nigerians from severe fuel price increases and broader economic hardship
- The monarch argued that petrol prices could have climbed to as much as N10,000 per litre if the refinery had not been operational
- Oba Akanbi praised the refinery’s growing production capacity and later conferred the title of Chief Atayero of Nigeria on Aliko Dangote
The Oluwo of Iwo, Oba Abdulrosheed Adewale Akanbi, has credited the Dangote Refinery with helping to stabilise Nigeria’s economy and preventing what he described as a far more severe fuel crisis.
Source: Getty Images
Speaking through a statement issued by his Chief Press Secretary, Alli Ibraheem, the traditional ruler said the refinery had reduced the impact of global energy market disruptions on Nigerians.
As reported by Tribune, he argued that petrol prices could have risen to as much as ₦10,000 per litre without the intervention of the privately owned facility.
How has Dangote refinery impacted Nigeria?
According to the monarch, the refinery has strengthened Nigeria’s position in the global economy by reducing dependence on imported petroleum products and expanding the country’s refining capacity.
Oba Akanbi described Aliko Dangote as a businessman whose investment had delivered benefits beyond Nigeria's borders.
Source: Getty Images
He noted that refined petroleum products from the facility are now exported to several countries across Africa, Europe, the United States and the Middle East.
The monarch also pointed to the refinery’s recent increase in processing capacity from 650,000 to 700,000 barrels per day. The expansion forms part of a broader target to reach 1.4 million barrels daily by 2028.
Why did the monarch praise Dangote?
Oba Akanbi said the refinery's growth could help restore Nigeria’s economic standing on the continent. He maintained that local refining has contributed to keeping fuel prices relatively lower than they might otherwise have been amid global uncertainties.
The traditional ruler also commended President Bola Tinubu for supporting the project and called for continued backing to ensure the refinery achieves its long-term goals.
“He has been honoured abroad. He should be celebrated more at home,” the monarch said.
What honour was conferred?
In recognition of what he described as Dangote’s contribution to national development, Oba Akanbi bestowed on the industrialist the title of Chief Atayero of Nigeria, which translates as “The Refiner of Nigeria.”
“He is the first black man to achieve such a giant economic reach. I am proud of him,” the Oluwo stated.
Tinubu shares why he supports Dangote
Previously, President Bola Tinubu has characterised his administration’s backing of the Dangote Refinery as a vital move for national stability.
Speaking at the 13th Africa CEO Forum in Rwanda on Thursday, the President noted that Nigeria would have faced severe hardship given the current state of global geopolitical conflicts without such local capacity.
Tinubu argued that the sheer size of the Nigerian population makes domestic fuel production a matter of survival rather than just an economic choice.
The president explained that the government decided to step in to ensure the country is not entirely dependent on foreign markets.
He pointed out that the instability in international shipping routes and oil-producing regions has made global energy markets unpredictable.
Dangote fights NMDPRA CEO Farouk Ahmed
Earlier, Legit.ng reported that the President and Chief Executive of Dangote Industries Limited, Aliko Dangote, had accused the Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Farouk Ahmed, of spending more than $5 million to finance the secondary education of his four children in Switzerland.
In a statement signed by Dangote, he accused Ahmed of living beyond his legitimate means.
Source: Legit.ng
