The Oluwo of Iwo, Oba Abdulrosheed Akanbi, has said Nigeria’s economy could have suffered severe disruption, with petrol prices potentially rising to ₦10,000 per litre amid ongoing tensions between the United States and Iran, if not for the operations of the Dangote Refinery.
The monarch praised the President of Dangote Group, Alhaji Aliko Dangote, describing the refinery as a strategic investment that has helped stabilise Nigeria’s fuel supply and cushion the economy from global energy shocks.
According to Oba Akanbi, the refinery has strengthened Nigeria’s position in the global energy market at a time when several countries are grappling with fuel supply challenges.
“Despite the huge exportation of Dangote fuel, many great nations are almost running out of their fuel reserves. God blessed Nigeria with a Nigerian who personally financed a private refinery that exports fuel to advanced countries,” he said.
The traditional ruler maintained that the refinery has prevented a sharp increase in domestic fuel prices that could have resulted from volatility in the international crude oil market.
“Without the Dangote refinery, Nigerians would have bought a litre of petrol at ₦10,000,” he said, noting that the facility has helped keep local fuel prices relatively affordable.
Oba Akanbi added that the refinery has boosted Nigeria’s economic relevance as global energy markets continue to experience uncertainty due to geopolitical tensions.
He also pointed to plans to expand the facility, saying the move would further improve Nigeria’s standing in global energy production and support long-term economic growth.
“It should be a pride that the Dangote oil facility now supplies both domestic and international markets, exporting refined products to several African countries and to European destinations. Refined products from the facility have reached markets in the United States, while jet fuel exports have extended to Saudi Arabia.”
The monarch also commended President Bola Tinubu for supporting the refinery project and called for continued collaboration to help realise plans to make it the largest refinery of its kind, as envisioned by the Dangote Group president.