Economy
THE Oluwo of Iwoland in Osun, Oba Abdulrosheed Akanbi, says Dangote Refinery saved Nigeria from economic collapse and severe hardship amid the U.S.–Iran crisis.
In a statement issued by his Chief Press Secretary, Alli Ibraheem, on Thursday in Osogbo, Oluwo described the crisis as an unforeseen development which heightened global economic tension.
The traditional ruler said the refinery played a critical role in stabilising fuel supply and prices at a time of uncertainty.
“The U.S.–Iran crisis heightened economic tension globally. It was an emergency no one planned for.
“At such a critical moment, a black man was among the few who sustained the global economy and curtailed fuel scarcity.
“Without the Dangote Refinery, Nigerians would have been buying petrol at about N10,000 per litre,” he said.
Oluwo noted that Nigeria currently enjoys relatively low fuel prices due to the refinery’s operations.
He commended Aliko Dangote for the investment, describing it as instrumental in preventing the nation’s economy from collapsing.
The traditional also praised the refinery’s expansion plan from 650,000 barrels per day to 700,000, with projections to reach 1.4 million barrels per day by 2028.
He described the development as a major milestone for what is widely regarded as the world’s largest single-train petroleum refining facility.
According to him, the expansion will strengthen Nigeria’s position in the global energy market and enhance its status as a leading economy in Africa.
He added that global oil price volatility triggered by the U.S.–Israel–Iran tension posed a serious threat to economies worldwide, including Nigeria.
The traditional said Dangote’s achievements had earned international recognition and deserved greater appreciation at home.
He also commended President Bola Tinubu for supporting the refinery project and called for sustained collaboration to realise its full potential.(NAN)
F.O
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