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Dangote: The Monopoly We All Need
By Mary Odoma
There seems to be a huge partition between Nigerian industrialist Alhaji Aliko Dangote and other Nigerian economy drivers. His visionary gait and purposefulness are fixated on recreating the essentials required to prop up the depleting economic fortune of Nigeria amidst contending voices.
Since 1977, when he ventured into business, trading in agricultural commodities and engaging in business supplies such as sugar and cement, Alhaji Aliko Dangote has never looked back. In 1981, he incorporated his numerous businesses, which eventually became a conglomerate. Today, the Dangote Group of Companies is a household name in Nigeria and beyond.
The holding company’s interest became so massive that its positive economic impact within Nigeria and sub-Saharan Africa became profound, edging out numerous foreign products from the West African domestic market. A strong advocate of industrialization, Alhaji Dangote believes that dependence on the importation of finished products to Africa simply translates to the importation of poverty and the exportation of jobs.
So, when the idea of the Dangote refinery was first announced in 2013, it was indeed heartwarming news to Nigerians. Although construction of the world’s biggest single-train refinery began in 2017, there were prospects that its completion would end Nigeria’s energy crises and reliance on fuel importation.
In 2013, the refinery project was estimated to cost the Dangote Group a whopping $9 billion. However, by the time construction work began in 2017, the cost had risen to about $15 billion. Despite this disparity in estimated cost, the Dangote Group went ahead with the construction work, which was estimated to be completed in 2019. Regrettably, due to the COVID-19 pandemic, the completion date was further shifted, and the date for commissioning was scheduled for the first half of 2021, but the 2021 date could not work due to unforeseen circumstances.
In all, at commissioning in the second quarter of 2023, precisely on May 23, construction of the refinery had gulped nearly $20 billion. It is an understatement to assert that building an efficient oil refinery facility has been at the heart of the debate over energy, forex, and fiscal policies in Nigeria for the last 50 years. This is because Nigeria’s four government-owned refineries, with a cumulative capacity of about 445,000 barrels per day (bpd), have been moribund for decades.
This meant that Nigeria exports its oil in crude form and imports refined oil with scarce foreign exchange. The attendant implication, therefore, was the emergence of the fuel subsidy regime, which was bad for Nigeria’s economic prospects. The regime led to the worsening state of the nation’s budget deficits as Nigeria’s debt profile increased with gloomy economic growth indices.
Against this background, several analysts drew up conclusions that the backlash received by the Dangote Group for daring to embark on such a massive project was an attempt to monopolise the economic benefits of the oil sector. Those naysayers had labelled the magnificent single-train refinery complex as a needless monopoly.
They orchestrated attacks and employed subversive antics just because they felt that the coming onstream of the Dangote multi-billion-dollar single-train refinery complex, the largest in the world, would finally put an end to their sordid business activities, which have held the nation’s economic lifeline hostage for more than five decades.
These few individuals are the fuel subsidy racketeers who have had their hands soiled in humongous scale corruption, diversion of the nation’s resources from critical sectors of the economy, as well as sharing profits of such loots amongst themselves and cronies in an inequitable manner.
Good enough, the multi-million-dollar Dangote refinery is here to bring the Nigerian dream to fruition. The refinery would meet 100% of all refined products required in Nigeria and a surplus for export. Though designed to process Nigerian crude, the refinery can also process most other African crude grades as well as Middle Eastern Arab light and even US Light.
The target is that, with a capacity of 650,000 barrels of crude per day, 450,000 bpd will be dedicated to meeting Nigeria’s domestic requirement. This means a total rejuvenation of the nation’s economy. Although the refinery has started with the production of diesel and aviation fuel, the sorting news is that the waiting game is over, the jinx has been broken.
It is instructive to admit that the import of the Dangote refinery coming on stream at this time is beyond the potential positive changes Nigeria’s economic indicators would witness in a few months. The positive impact of the multi-billion-dollar refinery would ultimately reflect directly on Nigeria’s foreign exchange reserves by reducing the pressure on the nation’s balance of payment.
This means that under President Tinubu, Nigeria would save trillions of naira and billions of dollars. For instance, between 2022 to 2023 alone, Nigeria spent over $70 billion on the importation of petroleum products, fertilizer, and petrochemicals, according to Africa Economy Digest.
Whatever the perception may be, Nigeria is at a crossroads. The country’s gloomy economic indicators that have remained a burden over the years are set to fizzle out for the better as the massive Dangote single-train world’s largest refinery debuts in the oil and gas sector.
Unfortunately, the reactive response of subsidy racketeers almost swayed the government’s decision on policies concerning the sale of Nigerian crude to local refineries, but thank goodness, the tide has assumed a positive dimension with recent impressive turns of events.
The evolving trend in the petroleum sector is what Nigeria requires to move forward; significantly, the feared Dangote refinery monopoly is what Nigeria as a nation requires now to thrive economically. This assertion is made more profound because the multi-billion-dollar refinery would, aside from saving the naira, make available vital raw materials of a wide range for manufacturers in the plastic, pharmaceuticals, food, beverages, construction, and other industries with massive job opportunities.
Candidly, the Dangote refinery is an ambitious move that has highlighted Nigeria’s potential for economic self-reliance. The $20 billion single-train Dangote refinery was envisioned to revolutionize the Nigerian oil and gas sector. Expectedly, the journey has not been without the usual criticism, with people raising questions about the rationale behind embarking on such a massive project in a developing and tottering economy.
The aim was basically to demonize the good intentions of the Dangote Group and its vision for Nigeria’s future. The hurting criticism was targeted at labelling the Dangote Group as shrewd capitalists whose target is to monopolize the Nigerian oil-based economy and beyond. However, the Dangote Group’s objective is clear; its intentions are not ambiguous. It is rather a blessing to the nation with the sole aim of reducing Nigeria’s dependence on the importation of refined petroleum products.
By refining petroleum products domestically, the Dangote refinery aims to enhance energy sufficiency, creating jobs, and spurring economic growth. Dangote refinery stands as a testament to Nigeria’s industrial ambitions and the complex interplay of business strategy, economic policy, and national interest.
No doubt, the Dangote refinery would, in no small measure, offer dividends similar to those from the Nigerian Liquified Natural Gas (LNG) investment, which has consistently provided returns despite initial scepticism. Furthermore, aside from boosting economic activities in the country, there will be revenue accruing to the government through taxes, royalties, and levies as the refinery comes on stream.
At least 144 products out of about 6000 products will be extracted in the process of refining petroleum. This means the value chain of refined petroleum products is very long and can stimulate a lot of businesses. Also, the multi-billion-dollar refinery would serve as a foreign exchange earner.
Industry experts projected that Nigeria could spend up to $30 billion in one year if the country continues to rely on imported petroleum products, an outrageous amount that can cripple the nation economically. Therefore, to save the nation from drifting completely to the precipice, the multi-billion-dollar refinery will boost Nigeria’s foreign exchange rate stability through the export of refined products.
Succinctly put, the coming on stream of the Dangote refinery is a game-changer that Nigeria so needs at this time. The refinery would not only change the economic narratives in Nigeria but the entire continent of Africa. Aliko Dangote has turned the tide towards a prosperous future for the continent. Indeed, this is a monopoly we most need and desire.
Odoma is a public affairs analyst based in Abuja.
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More Discoveries in Kukareta Attack.
☆☆☆ 7 Additional Terrorist Graves, 2 ISWAP Dead Bodies Found.
☆☆☆Ex COAS Lauds Troops Gains.
By: Special Correspondent.
Troops of Operation HADIN KAI have discovered additional graves and bodies of suspected ISWAP terrorists during follow-up exploitation operations after the failed attack on Kukareta community in Borno State.
Pur correspondent learnt that, the latest discoveries were made during continued clearance and exploitation of the general area following the earlier engagement in which 24 insurgents were killed.
Sources said troops uncovered 7 freshly dug graves believed to belong to terrorists killed during the encounter, as well as 2 additional bodies of suspected ISWAP fighters along withdrawal routes.
They noted that the findings further confirmed significant casualties suffered by the insurgents during the failed assault on the community.
According to the sources, the operation followed a coordinated attack launched by the terrorists in the early hours of April 23, which was decisively repelled by troops after a prolonged firefight.
Troops had earlier recovered a cache of arms and ammunition from the scene, including 18 AK-47 rifles, 3 General Purpose Machine Guns, 2 PKT anti-aircraft guns, 3 RPG tubes, 2 mortar tubes, 4 hand grenades, 18 AK-47 magazines, and large quantities of 7.62mm ammunition.
Our correspondent further reports that exploitation efforts are ongoing, with troops continuing to comb surrounding areas for fleeing terrorists, possible additional bodies, and abandoned equipment.
They described the development as a major setback for the terrorist group, noting that sustained military pressure would be maintained to further degrade their operational capabilities.
This is even as former Chief of Army Staff, retired Lt.-Gen. Tukur Buratai, has commended the Nigerian Armed Forces for what he described as significant operational successes against terrorism, banditry and other forms of criminality across the country.
Buratai, in a statement on Sunday, said recent military operations under various theatres, particularly Operation Hadin Kai, demonstrate a renewed momentum in the fight against insecurity.
He noted that troops in the North-East had repelled coordinated terrorist attacks and recorded substantial battlefield gains, including the neutralisation of several insurgents and recovery of arms and ammunition.
Buratai particularly commended the troops over the encounters in Borno State, ehere troops successfully defended Kukareta community against heavily armed terrorists, killing 24 fighters and recovering multiple weapons, including AK-47 rifles, machine guns and rocket-propelled grenade launchers.
He added that subsequent clearance operations led to the discovery of additional bodies and graves of fleeing insurgents, while another operation in Yobe State resulted in the elimination of a senior ISWAP commander, Abu Jarir.
Buratai attributed the successes to improved synergy between the Nigerian Army and the Nigerian Air Force, highlighting precision airstrikes on terrorist in the Lake Chad region as a critical factor in degrading enemy capabilities.
He said intelligence reports confirmed that dozens of insurgents were neutralised during coordinated air and ground operations, underscoring the effectiveness of joint force employment.
The former army chief also highlighted gains in the North-West under Operation Fansan Yamma, where troops neutralised bandits, dismantled camps and recovered rustled livestock.
He cited an operation in Katsina State where troops engaged a bandit leader, forcing his group to abandon over 200 cattle, which were subsequently returned to their owners.
In Zamfara and Kaduna States, Buratai said troops carried out ambushes, rescued kidnapped victims, and disrupted criminal logistics networks, adding that the military had shifted from reactive responses to proactive clearance operations.
In the North-Central region, he noted that troops under Operation Enduring Peace had made arrests linked to cattle rustling and communal violence, while in the South-South, security forces uncovered illegal oil bunkering sites and recovered stolen crude.
He further stated that in the South-East, troops arrested a suspected insurgent commander linked to attacks on security personnel, demonstrating the nationwide reach of ongoing military operations.
Buratai also referenced the recovery of the remains of two soldiers killed in 2022, describing it as a significant step toward honouring fallen heroes with due military rites.
He stressed that the recent achievements were a result of improved intelligence gathering, inter-agency cooperation and the resilience of troops on the frontlines.
“The soldier must never be demoralised. There is no greater honour than defending one’s nation,” he said, urging Nigerians to continually support the armed forces.
Buratai called on citizens to avoid spreading unverified information and enemy propaganda, and instead support troops through timely intelligence and moral encouragement.
He also commended the Minister of Defence, Chief of Defence Staff, Service Chiefs, Inspector-General of Police and intelligence agencies for what he described as effective leadership and coordination.
The retired general urged the military to sustain the current momentum, noting that although terrorist groups had been weakened, they remained capable of regrouping.
“The fight is not over. This is the time to intensify operations and deny the enemy any opportunity to recover,” he said.
Buratai reiterated that with sustained military pressure, enhanced intelligence and public support, Nigeria was on course to restoring peace and security across all regions.
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Ex-KwGIS Chair predicts Tinubu’s reelection, declares for Reps seat
Stephen Olufemi Oni, Ilorin
Former Chairman of the Kwara State Geographic Information Service (KwGIS), Hon. Akintade AbdulMutalib Shittu, has m joined the race for the House of Representatives seat of Offa/Oyun/Ifelodun Federal Constituency under the platform of the All Progressives Congress (APC) in the 2027 general elections.
At the declaration ceremony held at Sofoluwe Hall, Offa Grammar School, Offa, where party faithful, supporters, and stakeholders gathered to witness the announcement, Hon Shittu said he is well prepared for the representation, if given the mandate.
“I am not new to lawmaking. I have been part of processes that produced impactful legislations in Kwara State, and I understand what it takes to navigate the system effectively.
“As a Special Assistant to the Governor, I contributed to the development of key legislations, including those establishing the KwGIS, as well as laws on urban planning and land use,” he said.
He emphasised that representation at the National Assembly requires more than presence, stressing the need for strategic engagement and proactive lobbying to attract development to the constituency.
“You don’t go to the National Assembly to sit idly. You must understand the system, engage strategically, and ensure your constituency benefits from available opportunities,” the aspirant said.
He pledged to deliver quality representation that addresses peculiar challenges, improve livelihoods, and ensure equitable development across the three local governments.
Speaking on the prospects of the APC, Hon Shittu expressed confidence in the electoral strength of the APC, commending the performance of the Kwara State Government and the growing acceptance of the party across the country.
“Governor AbdulRahman AbdulRazaq has done exceptionally well. If you look at where we were coming from. We were coming from the era of half-salaries. This government has been consistent in paying salaries on time. The government has also improved the social security safety net through the Kwara State Social Investment Programme (KWASSIP) with Owo Arugbo and Owo Isowo (grants for the elderly ones and businessmen and women.”
The governor has performed. The administration has performed and our people know it.”
According to him, recent political developments and mass support witnessed at party events are indicators of continued dominance for the APC ahead of 2027.
Hon. Shittu noted that economic transformation of President Bola Ahmed Tinubu-led administration has positioned APC for victory in 2027.
“The ingenuity of the president has led to the increase in federal allocations to states which enables the state governments to pay salaries without hassle. That is why some governors from other political party are joining the APC.
“Mr President has shown capacity for economic reforms. For example the introduction of NELFUND and other credit facilities. There is no doubt in my mind that the APC will deliver in 2027. Nigerians will return President Bola Ahmed Tinubu in 2027,” Hon. Shittu added.
Party leaders from the three local governments in the constituency emphasised sustained unity in the party and urged all aspirants to remain committed to party discipline and decisions.
Kasali Yusuf from Ifelodun Local Government described Hon Akintade Shittu as a committed APC member who has a good character to represent the party.
“Ifelodun/Offa/Oyun Local Governments are one and all members of the party will support whoever emerges as the candidate of the party.”
Speaking on behalf of all ward chairmen from Offa, Alhaji Oyediran Layi sought the support of other local governments in the constituency to support the aspiration of Hon Akintade Shittu.
“I want to call on the two other local governments to support the aspiration of Hon Akintade Shittu. He is from a well known family which has contributed to the development of Offa. He will do well for the federal constituency.”
Chairman of ward chairmen from Oyun Local Government Area, Alhaji Ibrahim Adeleke prayed for the success of APC at all levels.
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Operation Wetie: Gov. Makinde’s Dangerous Rhetorics.
By: Inuwa Bwala.
I cannot still fathom what he means, but one thing is clear that, invoking the spirit of any form of violence, under whatever circumstances, is unstatesmanly and most uncharitable.
What people should always bear in mind, is the fact that, it takes a little issue to spark a larger crisis.
One can ignite crisis, but no one knows the dimenssions it could assume, neither can one predict when it will end.
It is with these at the back of my mind that, I think, the remarks credited to Oyo state Governor, Seyi Makinde, in which he tried to invoke the memory of the infamous “operation wetie”, was both dangerous and irresponsible of a leader.
No one wants to remember the horrors of the 1st and 2nd World wars. Neither do Nigerians pretend to cherish the memories of the civil war.
The 1st world war alone cost humanity more than 22 million lives.
And what started the 1st world war was a minor spark: the assassination of the heir to the Austro-Hungarian Empire, Archduke Ferdinand Frantz in Sareyevo on June 28th 1914 by a Serb Nationalist.
Closer home, a minor skirmish in Maiduguri, when, the then, Borno state Governor, Ali Modu Sheriff deployed Operatives of Operation Flush,to enforce the use of helmets by Motorcyclists, that ignited the Boko Haram Insurgency.
The crisis has consumed hundreds of lives and dislocated socio-economic lines. It is still ravaging the Nation and there does not appear any solution in sight.
Leadership requires maturity, tactfulness and proportion and not a licence for irresponsible ranting by desperate Politicians.
When Oyo State Governor, Seyi Makinde talked about “Operation Wetie”: apparently referencing that dark, violent chapter in Nigeria’s political history from the 1960s, people hailed him.
But for those who were witnesses to and know what “Operation Wetie” means, it was indeed a very dangerous rhetoric.
“Wetie” means “wet it” in Yoruba. During the 1965 Western Region elections crisis, describing the practice of dousing political opponents, their homes, properties and vehicles with petrol and setting them ablaze.
It erupted after highly disputed 1965 western region elections, alleged to have been rigged.
The violence was part of the struggle between Chiefs Ladoke Akintola and Obafemi Awolowo.
That crisis gave the region the nickname “Wild Wild West,” as a result of the massive destruction of lives and property, that partly triggered the January 15, 1966 coup: the coup that truncated Nigeria’s First Republic.
Using that era as a rhetoric
during the Ibadan Summit of All Opposition Political Party Leaders, Makinde in my understanding was subtly threatning the ruling party, APC, against perceived moves to foist a one-party political structure on Nigeria.
The governor was essentially saying, history will repeat itself, with Ibadan/Oyo as the epicentre, just like that of that 1960s violence.
But no matter the level of provocation, perceived to have been done to those who gathered in Ibadan, awakening the memories of that wetie era was like scratching an old would.
Except perhaps for Makinde, the people of the south west have never seen it as a pride, that the crisis in the region during that regency, led to them being labbeled as the wild-wild west.
If the world could go to war, over the assasination of one individual, in a third rate country, our leaders should be careful about what they say or do in public.
At the risk of sounding combative, I srate that, neither threats of violence or war, nor invoking the era of operation wetie, could give Governor Makinde what he wants, the best way to go is to call out his fellow travellers to embibe the spirit of tolerance and persuation, the two cardinal principles of democracy.
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