Over time, Alhaji Aliko Dangote, President and Chief Government of Dangote Industries Restricted, has garnered each admirers and detractors on a big scale. No matter opinions about him, he’s among the many choose few utilizing their entrepreneurial mind, relentless attitudes, and substantial assets to make a optimistic influence on the Nigerian financial system. People like him come round, as Azu would say, solely as soon as in a century. To such visionaries, the nation owes it to itself to assist.
Nigeria boasts of notable entrepreneurs, together with Tony Elumelu, Femi Otedola, and Mike Adenuga. Nonetheless, Dangote stands out, having demonstrated an indomitable spirit and entrepreneurial acumen far surpassing his friends. He single-handedly constructed the world’s largest single-train 650,000 barrel-per-day crude oil refinery, able to reworking crude oil into diesel, gasoline, jet gasoline, and kerosene.
This refinery, other than being able to producing an estimated annual market worth of $21 billion for Nigerian crude, can meet 100% of the nation’s diesel, kerosene, and aviation jet gasoline wants. Importantly, it could actually assist stabilize the Naira and consolidate the drive in the direction of addressing inflation.
This accomplishment comes at a time when the Nigerian authorities has didn’t revive its three refineries in Kaduna, Warri, and Port Harcourt, forcing the nation to import all its gasoline wants regardless of investing billions in turn-around upkeep and issuing repeated assurances of their performance.
Many times, deadlines for the Port Harcourt refinery’s operations have handed with no progress. As we await one more deadline, the failure to revive any of the three moribund refineries underscores the importance of Dangote’s achievement. Investing no fewer than $20 billion into the refinery, Dangote additionally constructed his personal seaport, roads, and even tamed the Atlantic Ocean. If these efforts don’t compel us to make sure the refinery’s success and jealously safeguard it from the hawks within the oil sector, then nothing will.
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Suffocation Makes an attempt
Lately, Dangote, sometimes taciturn, addressed three basic points: crude provide to his refinery, the federal government’s (NNPCL’s) stake within the refinery, and makes an attempt by Worldwide Oil Corporations to frustrate the refinery’s operations. This revelation has since stirred considerations.
Many Nigerians are alarmed that regardless of the provision of crude oil within the nation, the Dangote Refinery is importing crude oil. This means that some vested pursuits are working towards the refinery’s success.
Latest actions by the regulator and others favoring international merchandise over native ones and misrepresenting the comparative high quality between imported merchandise and people from the Dangote refinery are counterproductive. This demarketing undermines the federal authorities’s efforts to instill confidence within the funding local weather, threatening lasting repercussions that might deter each native and international investments.
The regulator’s actions in latest days have additional clarified the place the issue lies. We’re coping with a cabal, supported by international pursuits, who made it inconceivable for presidency refineries to function, forcing us into importation. These are the actual enemies of Nigeria, making the most of sustained gasoline importation and different opaque dealings within the oil and fuel sector, and they’re decided to see the Dangote Refinery fail.
Monopoly Tag, A Smokescreen
Claims about monopoly and its influence on nationwide vitality safety are unfounded. There isn’t a proof that Dangote seeks a monopoly. Did he forestall the Nigerian authorities from fixing its refineries? Is he asking that the nation ought to promote crude oil solely to his refinery? Has he requested that licence to construct new refineries shouldn’t be issued to prepared traders? No. It’s clear that vested pursuits are promoting crude oil to the Dangote refinery at larger costs to discourage its operation.
The NNPC, which promised to purchase a 20% stake within the Dangote Refinery, ended up with simply 7.2%, elevating additional questions. The nationwide oil firm’s purpose for getting a measly 7.2% as a substitute of the preliminary 20% is as humorous as its latest actions, together with the deliberate try and de-market the refinery.
Maybe the regulator and certainly the federal government must be reminded that as the biggest single funding by a person, the Dangote Refinery symbolizes the good potential of the Nigerian nation, which additionally attests to the truth that we’re severe about enterprise and prepared, now greater than ever earlier than, to take our delight of place within the international oil and fuel sector.
To be rudely sincere, the nation owes it to the Dangote refinery as an obligation to assist the funding which is significant to the financial way forward for the enormous of Africa. Something in need of whole and unconditional assist to this refinery will create the impression to each native and international traders that Nigeria shouldn’t be a viable funding vacation spot.
Makes an attempt to gag the Dangote refinery have far-reaching implications for the nation’s financial system. A nation trying desperately for international traders should endeavor to do higher. Traders exterior the shores of this nation who’re considering coming in can be asking one basic query: If the nation does this to considered one of its personal, what can it not do to outsiders?
Clearly discouraged by the hostile enterprise atmosphere within the oil sector, the Dangote Group declared that it was withdrawing its curiosity in investing in metal. It is vitally unlikely that we could get anybody who will enterprise into metal the best way Dangote would have. Ought to this development proceed, many potential traders will transfer their cash elsewhere as a substitute of bringing them to Nigeria.
The federal government should put in place insurance policies that may make it handy for traders to put money into essential sectors like metal, which has the potential to create jobs and increase financial improvement. Nigeria can not afford something in need of that at a time like this when frantic efforts are required to broaden income and streams of money inflows.
Shrug Off Politics
The political management should resist the temptation to permit politics to trump financial concerns. And doing this may require a essential reevaluation of our method to political financial system. We have to be propelled by the will to safeguard nationwide pursuits and assist the expansion of native companies.
Whichever manner it seems, I do know that Alhaji won’t collapse. He fought his manner via and received’t again off now. To grasp this mission which now has a 70% Nigerians and 30% expatriates’ employment coverage, Dangote fought makes an attempt by Ogun state authorities to frustrate him, needed to deal with the Lekki neighborhood after shopping for the land from Lagos state authorities, needed to import nearly all of the gear, and single handedly dealt with engineering, procurement and development. No man comes this far solely to cave-in to the antics of some cabal, actually not a Dangote.
And like he not too long ago acknowledged, the person is pushed solely by the will to create employment, and assist the expansion of Nigeria’s financial system. If the will to make more cash was the only motive, Alhaji would have used the $22bn sunk into the Dangote Refinery to purchase shares of Microsoft, any of the Elon Musk corporations or others and probably would have made $100bn by now. However hey, it’s clear that boosting the financial system is his intention and we should assist him.
Subsequently, the federal government should do all it takes to make sure a secure provide of crude oil to the Dangote Refinery whereas reviving Kaduna, Port Harcourt and different moribund refineries, or at greatest, promote them to wean the nation of such liabilities that they’re steadily turning into.
The success of the Dangote Refinery is not only about one firm or a person who, like all of us, won’t be right here endlessly. We should view it for what it’s: the way forward for the financial system and the collective prosperity of the nation and its folks. That is past a person. To that extent, Nigerians should rally behind the refinery. The Dangote Petroleum Refinery and Petrochemical should work, no extra, no much less.
Who Stopped Katsina Highway Mission?
Why was the N147.6 billion contract for the restore of Katsina-Kankara-Dutsinma-Maraba Kankara street in Katsina State cancelled after the contractor reportedly mobilised to web site and had commenced work? There are media reviews that the contract, awarded to an indigenous agency, Vipan World Assets Restricted, with a 24-months completion interval was all of the sudden cancelled even after the Katsina Emir, Abdulmumini Kabir Usman, lauded PBAT for the mission. The truth that the stated contract was awarded in April 2024 and the contractor mobilised to web site instantly just for it to be cancelled this month exhibits clearly that one thing is essentially mistaken. Was there no due diligence earlier than the award? If sure, why was there no due diligence? If certainly there was, why the cancellation? Whichever manner, the cancellation sends a foul sign. PBAT ought to direct the works ministry to rescind that call and permit the contractor to renew work. It’s good for the financial system of the state simply as it’s for his political profession.