Former presidential candidate of the Labour Party in the 2023 presidential elections, Peter Obi, has tossed his weight behind the Dangote Refinery, urging the federal government to back the project as opposed to putting it down.
He wrote, “Dangote Refinery Should Be Fully Supported, Not Vilified.
“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 position comes as Aliko Dangote encounters several crises with government authorities and indigenous crude oil producers as Nigeria expects the take-off of Premium Motor Spirit (PMS) production by the refinery come August.
Obi had called for swift action in settling the ongoing financial crisis in the nation.
He featured the differentiation between Nigeria’s financial performance in the early years of its return to a vote-based system and its present status.
“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 wrote.
In any case, he raised the fact that this growth was not sustained, with GDP growth imploding to 2.79% in 2015 and the economy capsizing to recession in 2016.
He said, “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.”
Conversely, he noted that by 2023, Nigeria had tumbled to the 4th biggest economy in Africa, with a GDP of $375 billion and a per capita of $1700.
Likewise, the situation deteriorated in 2024, with the GDP further declining to an estimated $253 billion and per capita dropping to $1087.
This is as per data acquired from StatiSense, an AI data company specializing in monetary report analysis, bank statement evaluation, and AI chatbot services.
In this way, the former governor communicated alarm at the present state of affairs, saying, “Today, poverty is pervasive and on the increase. Unemployment is rising. Food inflation has skyrocketed to over 43%. Foreign and local investors are losing faith in the future growth of our economy and are leaving in large numbers. Businesses are shutting down.”
He then called for earnest action to forestall further monetary breakdown and move it from consumption to production as he reprimanded the ongoing administration.
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.”
