Nigeria: Petrol could have hit $7.34/litre if not for Dangote -Oluwo

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The Oluwo of Iwo, Oba Abdulrosheed Adewale Akanbi, on Thursday disclosed that the Dangote Refinery prevented Nigeria’s economy from total collapse and shielded ordinary citizens from extreme hardship.

In a statement released through his Chief Press Secretary, Alli Ibraheem, the monarch argued that without the refinery, Nigerians could have been forced to buy petrol at ₦10,000 per litre given current global crude oil prices and geopolitical tensions.

Oba Akanbi described Alhaji Aliko Dangote as a “black man who personally financed a private refinery” now exporting refined products to advanced economies.

He said the facility has given Nigeria and the black race “negotiating power” in the global economy, especially during disruptions like the US-Iran conflict that strained fuel supply worldwide.

The monarch pointed to the refinery’s recent scale-up from 650,000 to 700,000 barrels per day as evidence of its growing impact.

The expansion, confirmed by Devakumar Edwin, Vice President of Oil and Gas at Dangote Industries Limited, is part of a plan to hit 1.4 million barrels per day by 2028 and become the world’s largest fuel refinery hub. Oba Akanbi said the milestone would “restore our glory as the giant of Africa.”

He noted that while other nations struggle with depleting reserves despite large-scale imports, Nigeria now enjoys “one of the lowest fuel prices in the world” due to the refinery’s output.

Dangote’s products currently reach markets across Africa, Europe — including the UK, France, Spain, Italy and the Netherlands — the United States and Saudi Arabia for jet fuel.

The Oluwo commended President Bola Ahmed Tinubu for supporting the project and urged continued collaboration to meet Dangote’s expansion targets.

“He has been honoured abroad. He should be celebrated more at home,” the monarch said, adding that those familiar with the global economy continue to back Dangote “physically and spiritually.”

In recognition of his impact, Oba Akanbi conferred on Aliko Dangote the title Chief Atayero of Nigeria, meaning “The Refiner of Nigeria.”

“He is the first black man to achieve such a giant economic reach. I am proud of him,” the Oluwo stated.