Billionaire businessman Femi Otedola urged the Federal Government on Tuesday to promote local investors and visionary business leaders such as Aliko Dangote, referring to Africa’s richest man as the nation’s titan.
Dangote and Nigeria’s regulatory authorities have been at odds in recent weeks over the refinery in the Ibeju-Lekki district of Lagos State.
It hit a new high when the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) said that the government had yet to licence the refinery to begin operations.
In a statement on X, Otedola praised Dangote as a “titan that God created especially for mankind,” claiming he “has broken every boundary in worldwide business and industry.”
“In Nigeria, we have our own titans, and it is imperative that we recognize and support them. His contributions are not just a testament to his brilliance but a beacon of what is possible when vision meets opportunity. 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,” Otedola stated.
Otedola, the Chairman of Geregu Power Plc, stressed the importance of backing visionaries like Dangote to build and sustain the nation’s economy.
He cited instances where a few individuals laid the foundation for national development and were supported by their government.
“Countries in the nascent stages of industrialization require visionary leaders. This is why it’s no surprise that the United States was built by the vision and tenacity of a few remarkable individuals—Cornelius Vanderbilt, John D. Rockefeller, Andrew Carnegie, J.P. Morgan, and Henry Ford—THE MEN WHO BUILT America’s industrial landscape. These men left the world without these assets but left behind a legacy that has kept their country thriving generation after generation,” Otedola stated.
“Their contributions were immortalized not in the material wealth they amassed but in the enduring institutions and industries they established. These visionaries were also supported by their government, which recognized the importance of fostering local champions. Similarly, today’s tech giants like Microsoft and Tesla received substantial support from the US government. For example, in January 2010, the Department of Energy issued a $465 million loan to Tesla Motors to produce specially designed, all-electric plug-in vehicles and to develop a manufacturing facility in Fremont, California to produce battery packs, electric motors, and other powertrain components for powering these innovative vehicles,” he wrote.
“This initiative is part of broader efforts, such as the federal EV-charging program supported by the infrastructure law known as the National Electric Vehicle Infrastructure program, or NEVI. In India, the government has been instrumental in supporting business titans like Gautam Adani and Mukesh Ambani. Their companies have received significant backing to grow and expand, contributing substantially to India’s economic growth and global business footprint. There are also records of emerging market countries like Vietnam, South Africa, Brazil, and China where their governments have supported local businesses to jump-start industrialization.
“In Vietnam, the government has provided various incentives to tech companies, fostering a rapidly growing technology sector. In South Africa, government support for the mining industry has been crucial in maintaining its global competitiveness. Brazil has seen substantial government investment in its agricultural sector, transforming it into one of the world’s leading food exporters. In China, government backing for companies like Huawei and Alibaba has propelled them to global leadership in technology and e-commerce.”
To Otedola, Africa’s richest man has broken “every boundary” in worldwide business and industry.