Dangote refinery should be fully supported, not vilified — Peter Obi

In a series of tweets on his verified X page today, Obi stated that the Dangote refinery is strictly an economic issue, not political.

“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, these disputes must be resolved swiftly. Government agencies should be directed to offer the necessary support for the seamless launch and operation of the Dangote Refinery and its associated enterprises.

“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.

“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.”

His stance comes as Aliko Dangote faces a number of conflicts with government officials and local crude oil producers, as Nigeria prepares for the refinery to begin producing Premium Motor Spirit or petrol in August.

Obi yesterday, called for immediate action to resolve the country’s present economic predicament.

He emphasized the disparity between Nigeria’s economic performance in the early years of its return to democracy and its current situation.

“When Nigeria returned to democratic governance in 1999, it maintained an average GDP growth of about 6.72% for 16 years from 1999-2014,” Obi stated in his essay.

However, he noted that this rise was not sustained, with GDP growth falling to 2.79% in 2015 and the economy entering recession in 2016.

He continued: “In 2014, just before the inception of a new administration a year later, Nigeria had the biggest economy in Africa with a Gross Domestic Product of $568.5 billion and a GDP Per Capita of about $3,200.”

In contrast, he noted that by 2023, Nigeria had slipped into the fourth largest economy in Africa, with a GDP of $375 billion and $1700 per capita.

As a result, the situation worsened in 2024, with GDP falling to an anticipated $253 billion and per capita reaching $1087.

This is according to data from StatiSense, an AI data startup that specializes in financial report analysis, bank statement appraisal, and AI chatbot services.

Subsequently, the former governor expressed concern about the current condition of affairs, saying, “Poverty is widespread and on the rise. Unemployment is increasing. Food inflation has risen to more than 43 percent. Foreign and domestic investors have lost faith in our economy’s future growth and are fleeing in big numbers. Businesses are closing down.

He then called for immediate action to prevent further economic collapse urging that the current government to shift their focus from consumption to manufacturing.

Obi said, “Urgent actions need to be taken to salvage the nation from further economic collapse and move it from consumption to production.

“However, instead of concerning ourselves with all these challenges threatening our collective existence and finding ways to recreate an inclusive and sustainable economy, pull millions of people out of poverty, and return our nearly 20 million out-of-school children to schools, our leaders are more concerned with funding their selfish luxuries and individual lavishness, while throwing blames at others who are only committed to solving the nation’s problems.

“In the face of all these challenges, we the leaders should commit to inclusive and sustainable growth to end the hardship which has continued to burden our fellow Nigerians. Only through that can we achieve a peaceful and secure society.”