KEY POINTS
- The Oluwo of Iwoland says the Dangote Refinery helped prevent Nigeria’s economy from collapsing and shielded the country from a major fuel crisis.
- He highlighted the refinery’s increase in production capacity and its plan to produce 1.4 million barrels per day by 2028.
- The monarch urged Nigerians to celebrate Aliko Dangote and praised President Bola Tinubu for supporting the project.
The Oluwo of Iwoland, Oba Abdulrosheed Akanbi, has praised billionaire industrialist Aliko Dangote for his investment in the Dangote Refinery, saying the project helped prevent Nigeria’s economy from sliding into collapse.
In a statement issued through his spokesperson, Alli Ibraheem, on Thursday, the traditional ruler described the refinery as a major intervention that has protected Nigerians from the effects of rising global fuel prices and worsening energy shortages.
Oba Akanbi said the refinery has played a critical role in ensuring the availability of petroleum products despite growing global uncertainties. According to him, many countries with stronger economies are struggling with declining fuel reserves, while Nigeria has continued to enjoy relatively affordable fuel prices because of the Dangote facility.
He claimed that without the refinery, the price of petrol in Nigeria could have risen to as much as ₦10,000 per litre.
The monarch also noted that the ongoing conflict involving the United States and Iran heightened tensions in the international energy market and increased fears of fuel shortages, but the refinery helped cushion the impact on Nigeria.
Production expansion seen as major milestone
he Oluwo pointed to the recent increase in the refinery’s processing capacity from 650,000 barrels per day to 700,000 barrels per day as evidence of its growing importance to the country’s economy.
He noted that the expansion was confirmed during performance tests carried out by the refinery’s process licensors and announced by Devakumar Edwin, Vice President of Oil and Gas at Dangote Industries Limited.
According to the monarch, the refinery is projected to raise its production capacity to 1.4 million barrels per day by 2028, potentially making it the world’s largest refining hub.
He described the development as a major achievement and said it would further strengthen Nigeria’s position as the giant of Africa.
Oba Akanbi said the Dangote Refinery is not only supplying the domestic market but is also exporting refined petroleum products to several African countries and European nations.
He listed destinations such as the United Kingdom, France, Spain, Italy and the Netherlands, adding that some products have also been shipped to the United States, while jet fuel exports have reached Saudi Arabia.
According to him, the growing international demand for products from the refinery demonstrates its strategic importance and global competitiveness.
The traditional ruler called on Nigerians to appreciate and celebrate Dangote’s contributions to the country, noting that the businessman has already received recognition abroad for his achievements.
He also commended President Bola Tinubu for providing support for the refinery project and urged continued cooperation to ensure the facility achieves its long-term production targets.
Oba Akanbi expressed confidence that sustained support for the project would boost economic growth, improve energy security and enhance Nigeria’s standing in the global oil and gas industry.
