Rift Between Dangote and Regulators Continues To Worsen

The Rift Between Dangote and Regulators Continues To Worsen. Reliable sources have confirmed it. 

The unfortunate consequence is that unemployment will soar as many people may lose their jobs due to the protracted crisis. 

Nigeria’s Economy has been thrown into tatters as the rift between Dangote and the Regulators worsens.

They are reckoning that many businesses have folded, and investors are trooping out of the company. 

It is not a good time for the Economy to experience an ongoing showdown with Africa’s richest man. 

Such internal economic misunderstandings between the government and its leading economic player may tarnish Nigeria’s global image and deter prospective investors who expect the government to create an enabling environment for their businesses and private sector to thrive.

Nigeria’s Economy Chart

The chart above shouldn’t deter people looking to invest massively in Nigeria—a country currently striving to breathe but being held back by high poverty, insecurity, and more.

Reports suggest that some top Nigerian investors said the feud between Alhaji Aliko Dangote, the President of Dangote Group, and Nigeria’s Oil Industry Regulators could discourage local and international investors from investing in Nigeria’s economy.

The report also noted that the Dangote Group project has provided over 100,000 employment opportunities.

The jobs created by Dangote Group Refinery are many times greater than those made by tech companies and manufacturing companies from other countries. 

So, the government should respect and restore our dignity.

They are synonymous with the ones created by China’s biggest palm oil producer, Julong. 

They are stressing that the Dangote refinery will gabber over $25 billion in revenue and exports, which will, in return, boost the country.

As the feud intensified, another African country implored Dangote, Africa’s richest man, by inviting him to invest in their country.

On Tuesday, Gabon’s President, Brice Oligui, invited Aliko Dangote to invest in cement and fertilizer manufacturing.

He implored Dangote to explore various investment opportunities in his country, which may result in a significant loss for the Nigerian economy if the wealthiest man in Africa decides to leave. 

A foresighted and good Leader should pay utmost attention to creating an enabling environment for businesses to breathe and thrive rather than jeopardizing their prospects.

Official Portrait Of Akinwunmi Adesina

Reacting to the feud between Dangote and the Regulators, the President of the African Development Bank, Akinwunmi Adesina, said on Tuesday that a face-off between both parties is needless and useless, which may hamper Nigeria’s image globally. 

The President of the African Development Bank reckons that the time has come for the Nigerian National Petroleum Company (NNPC) and Dangote Group to partner for rapid development.

“This whole disparaging of Dangote is uncalled for. It is self-defeating, and it isn’t perfect for Nigeria. Who will want to come and invest in a country that disparages and undermines its largest investor?” Adesina asked.

He further stressed, “Investing is tough. Pettiness is easy. Sadly, it signals that the price of sacrificing for Nigeria is significant.”

President Adeshina stated, “Monopoly often exists where there are high barriers to entry or high capital costs. How many individuals or companies can build railways? How many can build refineries of the scale of Dangote Refineries?”

“In a nation importing refined petroleum products for several decades, the abnormal simply became very normal. No smart investor would make a $19.5 billion investment and want it undermined by importers.”

It is common knowledge that Nigeria’s economy is in dire need of revival. 

The country’s business environment is receptive, and the total removal of the petrol subsidy and the free fall of the Naira has worsened it, causing the worst economic and living crisis in the nation’s history.

Nigeria has the worst unemployment rate in Africa, at 33.3 percent. 

So many businesses are crippled, industries are folding up, and many foreign investments have sought to breathe in other African countries with better and more stable economic environment. 

Statistics show that N3.3 trillion is needed to fix the problem.

As disclosed by the Nigeria Employers’ Consultative Association (NECA), the Organisation coordinating the affairs of the Organized Private Sector of Nigeria, the ongoing accusations tend to worsen an already lousy economy and project a terrible image to prospective local and foreign investors.

Wale-Smatt Oyerinde, Director General Of NECA

Wale-Smatt Oyerinde, director-general of NECA, said, “For many years, the country struggled under the yoke of crass inefficiency in the management of our refineries, causing citizens to suffer from the vast leakage called fuel subsidy.

Ordinarily, the coming of the Dangote refinery should be a joy. However, our contradictions have come to the forefront.”

Last Thursday, The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) revealed that Dangote is projecting a ban on diesel importation to boost plant functionality and questions raised over its product.

Oyerinde continued, “We believe all efforts should be made to support the Dangote Refinery to wean the nation off persistent fuel imports.

“Ironically, we strangle Nigerian entrepreneurs while urging foreigners to invest in Nigeria.”

https://businessday.ng/columnist/article/crude-politics-between-regulators-and-dangote-refinery/

Peter Obi Addressed The Public

Peter Obi, the Labour Party (LP) presidential candidate in the 2023 Presidential election and Former Governor of Anambra State, has asked the Federal Government to provide adequate support for the successful operation of the Dangote refinery.

Through his verified page on X, Obi clarified the significance of the Dangote refinery to Nigeria’s economic prospects.

He emphasised, “The recent conflicts between Dangote Industries and some government agencies are deeply troubling.”

Stating the importance of the refinery, “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,” Mr. Obi said