Billionaire businessman Femi Otedola urged the Nigerian Government on Tuesday to promote local investors and visionary business leaders such as Aliko Dangote, referring to Africa’s richest man as the nation’s titan.
In recent weeks, Dangote and Nigerian regulatory officials have clashed over the refinery in Lagos State’s Ibeju-Lekki region.
It reached a new high when the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) said that the government had yet to license the refinery to begin operations.
In a statement on X, Otedola lauded Dangote as a “titan that God created especially for mankind,” stating he “has broken every boundary in worldwide business and industry.”
“In Nigeria, we have our own titans, and we must recognise and encourage them. His efforts are not only a monument to his intellect, but also a shining example of what can be accomplished when vision meets opportunity. Supporting indigenous champions such as Dangote is critical to our country’s development and economic independence. “Let us continue to foster and support these visionaries who propel our country forward,” Otedola said.
Otedola, Chairman of Geregu Power Plc, emphasised the necessity of empowering visionaries like Dangote to grow and sustain the country’s economy.
He identified situations in which a few individuals built the groundwork for national development while being backed by their government.
“Countries in the early stages of industrialisation need visionary leaders. This is why it’s no surprise that a few extraordinary people—Cornelius Vanderbilt, John D. Rockefeller, Andrew Carnegie, J.P. Morgan, and Henry Ford—built America’s industrial environment. These individuals departed the world without these things, but they left a legacy that has kept their country prospering for generations,” Otedola said.
“Their efforts were immortalised not in the financial wealth they accumulated, but in the long-lasting organisations and enterprises they founded. These visionaries were also encouraged by their government, which saw the value of developing local champions. Similarly, the US government provided significant backing to today’s tech behemoths such as Microsoft and Tesla. For example, in January 2010, the Department of Energy granted Tesla Motors a $465 million loan to produce specially designed, all-electric plug-in vehicles, as well as to establish a manufacturing facility in Fremont, California to produce battery packs, electric motors, and other powertrain components to power these innovative vehicles,” he wrote.
“In Vietnam, the government has granted a variety of incentives to tech companies, promoting a rapidly expanding technology sector. South Africa’s mining industry has relied heavily on government backing to remain competitive in the global market. Brazil has received significant government investment in its agricultural industry, transforming it into one of the world’s leading food exporters. In China, government support for companies like Huawei and Alibaba has catapulted them to worldwide supremacy in technology and e-commerce.
According to Otedola, Africa’s richest man has broken “every boundary” in global business and industry.