Dangote Refinery Saga Troubling, Say Atiku, Obi

Presidential candidates in the 2023 election, Atiku Abubakar and Peter Obi, have described the unfolding conflict between Dangote Industries and some government agencies over the operationality of the former’s refinery as deeply troubling.

They, in separate post on X handle, lamented that the unfolding saga which is vilifying Dangote refinery  will deter vital foreign direct investment and have a negative impact on the economy.

Atiku and Obi further said   government agencies must provide support for the Dangote refinery, adding that the refinery is too vital to fail considering its crucial role in national welfare.

President of Dangote Group, Aliko Dangote and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) alongside Nigeria National Petroleum Company Limited (NNPCL), were locked in a messy dispute, ranging from monopoly allegations to supply of crude the refinery, substandard fuel imports and ownership of blending plants in Malta.

Reacting however, former vice president, Atiku, in his post said, “The conflict between @AlikoDangote and @NMDPRA_Official is troubling. The Dangote Refinery, our nation’s largest private investment, is crucial for Nigeria’s energy and economic stability. The 650,000 bpd refinery is essential for our energy needs and economic stability, and NNPCL’s investment underscores its importance. If we neglect this, we risk deterring vital foreign direct investment. No investor will trust a nation that undermines its key assets. Protecting significant investments like Dangote’s is essential to attract FDI and drive our economic growth.”

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Obi, on his part, said, “The recent conflicts between Dangote Industries and some government agencies are deeply troubling. This issue transcends political affiliations and personal grievances. It is fundamentally about Nigeria’s economy, future, and the well-being of its citizens. Given Alhaji Dangote’s significant contributions to Nigeria, it is crucial that these disputes are resolved swiftly.”

Obi, the Labour Party presidential candidate in 2023, said government agencies should be directed to offer the necessary support for the seamless launch and operation of the Dangote Refinery and its associated enterprises, added that the refinery has the potential to generate approximately $21 billion in annual revenue and create over 100,000 jobs, with numerous additional positive impacts on the economy.

“Its strategic importance in addressing Nigeria’s fuel crisis, boosting foreign exchange earnings, and fostering economic growth cannot be overstated. The refinery is too vital to fail and must not be hindered, considering its crucial role in our national welfare.

“The Federal Government and its agencies need to recognize the significance of Dangote’s contributions. Alhaji Dangote is not just a businessman; he is a national and African brand symbolizing patriotism, commitment, and impactful entrepreneurship. Despite operating in a challenging business environment, he has established a remarkable industrial hub in Nigeria, encompassing over 15 sectors, including cement, sugar, salt, fertilizer, infrastructure, tomatoes, automotive, energy, petrochemicals, rice, poly sacks, real estate, mining, logistics, and maritime. Alhaji Dangote’s unwavering dedication to Nigeria’s industrialization, job creation, and economic growth, despite adversities, warrants full support and protection.”

He said with economic indicators like unemployment, inflation, forex scarcity, and debt worsening, every sensible and patriotic government should regard enterprises like Dangote Industries as national treasures, meriting robust support and protection.

“In the interest of Nigeria and its citizens, as well as Africans at large, I urge the Federal Government and its agencies to provide Dangote Industries, especially the refinery, with all necessary support.

“The success of Dangote is intrinsically linked to the success of Nigeria and Africa; conversely, its failure would be a significant setback for both Nigeria and the continent,” he said.