The Oluwo of Iwo, Oba Abdulrosheed Akanbi, has praised businessman Aliko Dangote for the impact of the Dangote Petroleum Refinery on Nigeria’s economy and fuel supply.
The traditional ruler described the refinery as a major national asset that has helped reduce the effects of rising global fuel prices and supply challenges caused by international conflicts and economic uncertainty.
In a statement released through his Chief Press Secretary, Alli Ibraheem, the monarch said Nigerians should appreciate the role the refinery is playing in ensuring fuel availability and helping to stabilize prices across the country.
According to him, Nigeria is fortunate to have a privately owned refinery built and financed by a Nigerian entrepreneur. He noted that the refinery has become an important contributor to the nation’s economic strength and has gained recognition beyond Africa.
The monarch stated that without the Dangote Refinery, fuel prices in Nigeria could have risen to extremely high levels during recent global market disruptions. He said the refinery has helped shield Nigerians from the full impact of rising crude oil prices and fuel shortages experienced in some parts of the world.
Oba Akanbi explained that the recent tensions involving the United States, Israel, and Iran created uncertainty in the global energy market and pushed oil prices higher. He said the situation placed pressure on many economies, including Nigeria’s.
Despite these challenges, he noted that the Dangote Refinery continued supplying petroleum products, helping to reduce the risk of severe fuel shortages and price spikes in the country.
The monarch also highlighted reports that the refinery has increased its production capacity from 650,000 barrels per day to 700,000 barrels per day. He welcomed plans to further expand production to about 1.4 million barrels per day by 2028.
According to him, the expansion demonstrates the refinery’s growing importance not only to Nigeria but also to other countries that depend on petroleum products from the facility.
He described the refinery as a landmark project that has strengthened Nigeria’s position in Africa and increased the country’s influence in the global energy industry. He added that the project has the potential to create more economic opportunities, support industrial growth, and improve foreign exchange earnings.
As a mark of recognition, the Oluwo bestowed an honorary title on Aliko Dangote, naming him “Chief Atayero of Nigeria,” which translates to “The Refiner of Nigeria.” He said the honour was in recognition of Dangote’s contribution to national development and his commitment to building one of the world’s largest refining facilities.
The monarch also commended President Bola Tinubu for supporting the refinery project and encouraged continued cooperation between the government and private sector to ensure the refinery achieves its long-term expansion goals.
He called on Nigerians to celebrate and support Dangote, noting that many people who understand global economic trends appreciate the significance of the refinery’s achievements.
Oba Akanbi concluded by expressing pride in Dangote’s accomplishments, describing him as one of Africa’s most influential business leaders whose investments continue to make a positive impact on Nigeria’s economy.
