Economic Growth Hinges on Visionaries Like Dangote, Argues Otedola

Businessman and philanthropist, Femi Otedola has argued that Nigeria needs visionaries who will leverage wealth to build industries to drive the country’s economic growth.
Otedola’s assertion comes against the backdrop of an ongoing dispute between his business colleague, Aliko Dangote, and the oil regulator, the Nigerian Midstream and Downstream Petroleum Regulatory Agency (NMDPRA), over a refinery in Ibeju-Lekki, Lagos State.
In a statement shared on X Tuesday, Otedola stressed that the recognition and support of “titans”, “local champions”, and “visionaries” like Dangote is “is crucial for our national development and economic independence” and to “drive our nation’s progress.”

“Countries in the nascent stages of industrialisation require visionary leaders,” Otedola said. “This is why it’s no surprise that the United States was built by the vision and tenacity of a few remarkable individuals—Cornelius Vanderbilt, John D. Rockefeller, Andrew Carnegie, J.P. Morgan, and Henry Ford—THE MEN WHO BUILT America’s industrial landscape. “
Otedola said the individuals who set up the industries were supported by the government, which recognised the importance of “local champions” in national development.
He further added: “Their contributions were immortalised not in the material wealth they amassed but in the enduring institutions and industries they established. These visionaries were also supported by their government, which recognised the importance of fostering local champions.”
Otedola, the former chairman of Forte Oil, described Dangote as a visionary, noting his counterpart’s huge investments in the country.
He said: “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 fertiliser plants in the world, soon to surpass the biggest one in Qatar, also in Lagos State. Furthermore, he has built a fertiliser plant in Lagos that already exports globally. Aliko Dangote is a titan that God created specially for mankind,” he stated further.
Otedola described Dangote as the country’s largest private employer, noting that “Dangote Group often pays more in taxes than the top banks combined,” adding, “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 reported.
Otedola advised the Federal Government to take inspiration from other countries and support local industries like the Dangote Group to enable the country to prosper.