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From Lateef Dada, Osogbo
The Oluwo of Iwoland, Oba Abdurosheed Akanbi, has said the investment of Aliko Dangote in his refinery has helped rescue Nigeria’s economy from crumbling.
In a statement made available by his spokesperson, Alli Ibraheem, on Thursday, the monarch commended Dangote for what he described as saving Nigeria’s economy from imminent collapse.
He noted that although Dangote exports large volumes of fuel, many countries—despite their strong economies—are still struggling with diminishing fuel reserves.
The Oluwo said Nigerians enjoy one of the lowest fuel prices in the world largely due to the Dangote refinery, adding that without it, “Nigerians would have bought a litre of petrol at N10,000.”
He also pointed to the US–Iran war as a major factor that heightened global economic tension and made the risk of fuel scarcity worse, noting that Dangote’s refinery helped arrest that pressure.
Oba Akanbi said the refinery recently announced an expansion of production capacity from 650,000 barrels per day to 700,000 barrels per day, with a projection that it could become the largest refinery hub by 2028, producing 1.4 million barrels per day.
He stated that the expansion was confirmed during performance tests conducted by the refinery’s process licensors, as reported by the Vice President of Oil and Gas at Dangote Industries Limited, Devakumar Edwin.
The Oluwo described the development as a major operational milestone, saying the refinery is widely regarded as the world’s largest single-train petroleum refining facility. He added that this will strengthen Nigeria’s position as “the giant of Africa.”
He further said the Dangote facility supplies both domestic and international markets, exporting refined products to several African countries and European destinations, including the United Kingdom, France, Spain, Italy, and the Netherlands.
He also claimed that refined products have reached the United States, while jet fuel exports have extended to Saudi Arabia.
The Oluwo urged Nigerians to celebrate Dangote more at home, saying he has been honoured abroad.
He commended President Bola Tinubu for providing the necessary support for the refinery and urged continued collaboration to ensure it achieves the projected scale as planned by the Dangote Group.
