The escalating hostilities between the United States and Iran, with Israel drawn into the fray, are fanning the flames of a global energy crisis, according to Oba Abdulrosheed Adewale Akanbi, the Oluwo of Iwoland. In a statement released on Thursday through his Chief Press Secretary, Alli Ibraheem, the monarch stressed that the conflict is compounding economic strains and jeopardizing energy security for many nations.
Oba Akanbi lauded the Dangote Refinery as a vital safeguard that has prevented the Nigerian economy from collapsing under the weight of international energy disruptions. He noted that the facility, spearheaded by Alhaji Aliko Dangote, has played a pivotal role in stabilizing local fuel costs and mitigating the fallout from soaring global prices for the average Nigerian.
“Divine providence smiled on us by giving us a fellow Nigerian, a black man, who privately funded a refinery that can export fuel to developed countries. In the absence of the Dangote Refinery, Nigerians would be paying up to N10,000 for a litre of petrol,” the traditional ruler declared, underscoring the facility’s contribution to domestic supply.
He pointed out that the refinery’s operations have equipped Nigeria with a strategic edge at a time when numerous countries face shrinking fuel inventories and heightened economic instability. Dangote’s investment, he added, has elevated Nigeria’s position in the global energy arena.
The monarch also welcomed latest production capacity figures, confirming that the facility has scaled up from 650,000 barrels per day to 700,000 barrels per day after performance assessments by its process licensors, as announced by Devakumar Edwin, Vice President of Oil and Gas at Dangote Industries Limited.
Oba Akanbi described this expansion as a historic milestone for what is known as the world’s largest single-train petroleum refinery. He believes it will enhance Nigeria’s reputation as the “Giant of Africa” by supplying both domestic and international markets, including exports to African nations, the United Kingdom, France, Spain, Italy, and the Netherlands. Refined products have also reached the United States, and jet fuel shipments have extended to Saudi Arabia.
In recognition of Dangote’s economic impact, the Oluwo conferred upon him the title “Chief Atayero of Nigeria,” meaning “The Refiner of Nigeria,” emphasizing that Dangote is “the first black man to achieve such enormous economic reach.” He also commended President Bola Ahmed Tinubu for backing the project and urged continued collaboration to achieve future expansion goals.