Supporting local champions like Dangote key to Nigeria’s development – Otedola

Amid the dispute between Dangote Group and regulators in the oil sector, Femi Otedola, chairman of Geregu Power Plc, has said supporting local champions like Aliko Dangote is key to Nigeria’s development.

“My brother, the Visionary, has built the largest single train refinery in the world, not in Kano, but in Lagos State. He is the owner of the second-largest sugar refinery in the world, also in Lagos State, and the largest cement factory in the world, not in Kano, but in Kogi State. Additionally, he has established one of the second-largest fertilizer plants in the world, soon to surpass the biggest one in Qatar, also in Lagos State. Furthermore, he has built a fertilizer plant in Lagos that already exports globally. Aliko Dangote is a titan that God created specially for mankind,” he said in a post of social media platform X on Tuesday.

He described Dangote as the largest private sector employer of labor in the country, adding that his companies are among the largest taxpayers.

“In fact, the Dangote Group often pays more in taxes than the top banks combined. If not for him, we would still be importing cement. His contributions extend beyond industrial facilities to critical infrastructure, having built major roads such as the Apapa Oshodi-Owonrosoki Express Road, Wharf Road, and the Obajana-Kabba Road,” he said.

Countries in the nascent stages of industrialization require visionary leaders, according to Otedola, who said the United States was built by the vision and tenacity of a few remarkable individuals including Cornelius Vanderbilt, John D. Rockefeller, Andrew Carnegie, J.P. Morgan, and Henry Ford.

“These visionaries were also supported by their government, which recognised the importance of fostering local champions,” he said, adding that today’s tech giants like Microsoft and Tesla received substantial support from the US government.

He pointed out that in January 2010, the Department of Energy issued a $465 million loan to Tesla Motors to produce specially designed, all-electric plug-in vehicles and to develop a manufacturing facility in Fremont, California to produce battery packs, electric motors, and other powertrain components for powering these innovative vehicles.

In India, the government has been instrumental in supporting business titans like Gautam Adani and Mukesh Ambani, Otedola said, adding that their companies have received significant backing to grow and expand, contributing substantially to India’s economic growth and global business footprint.

He said: “There are also records of emerging market countries like Vietnam, South Africa, Brazil, and China where their governments have supported local businesses to jump-start industrialization. In Vietnam, the government has provided various incentives to tech companies, fostering a rapidly growing technology sector. In South Africa, government support for the mining industry has been crucial in maintaining its global competitiveness. Brazil has seen substantial government investment in its agricultural sector, transforming it into one of the world’s leading food exporters. In China, government backing for companies like Huawei and Alibaba has propelled them to global leadership in technology and e-commerce.

“In Nigeria, we have our own titans, and it is imperative that we recognize and support them. Aliko Dangote has broken every boundary in worldwide business and industry. His contributions are not just a testament to his brilliance but a beacon of what is possible when vision meets opportunity. Supporting local champions like Dangote is crucial for our national development and economic independence. Let us continue to foster and support these visionaries who drive our nation’s progress.”