Backing Dangote Essential For Nigeria’s Economic Growth — Otedola

Billionaire businessman, Femi Otedola, has spoken out about the ongoing dispute between Aliko Dangote and Nigeria’s regulatory authorities in the petroleum sector.

Otedola, a close ally of Dangote, emphasised the importance of backing visionaries like his bossom friend to build and sustain the nation’s economy.

In a post on X on Tuesday afternoon, Otedola, known as “the strongman of the money and capital markets” following his acquisition of the largest shareholding in FBN Holdings Ltd, praised Dangote’s contributions. “Visionaries are needed to build a nation’s economy, and their legacies remain long after they have left the stage,” he wrote.

Highlighting Dangote’s achievements, Otedola pointed out the significant projects Dangote has undertaken across Nigeria. “My brother, the Visionary, has built the largest single train refinery in the world in Lagos State. He also owns the second-largest sugar refinery globally, and the largest cement factory in Kogi State,” he noted. Dangote’s ventures include a fertilizer plant in Lagos that exports globally and is poised to surpass the world’s largest in Qatar.

Otedola also emphasised Dangote’s role as a major employer and taxpayer in Nigeria. “Aliko Dangote is the largest private sector employer in the country. His companies pay more in taxes than the top banks combined. His contributions extend to critical infrastructure, including major roads like the Apapa Oshodi-Owonrosoki Express Road and the Obajana-Kabba Road,” he added.

Drawing parallels with other countries, Otedola cited examples of nations that supported visionary leaders to drive industrialisation. “Countries in the nascent stages of industrialization require visionary leaders. The United States, built by remarkable individuals like Cornelius Vanderbilt, John D. Rockefeller, Andrew Carnegie, J.P. Morgan, and Henry Ford, is a prime example. These men left a legacy that continues to thrive,” he wrote.

He further noted the role of government support in fostering local champions, referencing the substantial backing tech giants like Microsoft and Tesla received from the US government. “In January 2010, the Department of Energy issued a $465 million loan to Tesla Motors for the development of all-electric vehicles and a manufacturing facility in Fremont, California,” he mentioned.

Otedola also pointed to other countries where government support has been instrumental. “India’s support for business titans like Gautam Adani and Mukesh Ambani has significantly contributed to its economic growth. Emerging markets like Vietnam, South Africa, Brazil, and China have also supported local businesses to jump-start industrialization,” he explained.

“In Vietnam, government incentives have fostered a rapidly growing tech sector. South Africa’s support for its mining industry has maintained global competitiveness, and Brazil’s investment in agriculture has made it a leading food exporter. In China, government backing for companies like Huawei and Alibaba has propelled them to global leadership in technology and e-commerce,” he added.

Otedola concluded by reaffirming the necessity of supporting local visionaries like Dangote. “In Nigeria, we have our own titans. 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,” he urged.