Billionaire businessman Femi Otedola has highlighted the critical importance of supporting Aliko Dangote amidst his ongoing dispute with Nigeria’s regulatory authorities in the petroleum sector.
Otedola, a close associate of Dangote, stressed the significance of backing visionaries like Dangote to foster and sustain the nation’s economic growth.
In a post on X on Tuesday afternoon, Otedola, renowned as “the strongman of the money and capital markets” due to his substantial shareholding in FBN Holdings Ltd, commended Dangote’s contributions. “Visionaries are essential for building a nation’s economy, and their legacies endure long after they have exited the stage,” he wrote.
Otedola underscored Dangote’s major projects across Nigeria. “My brother, the Visionary, has established the largest single train refinery in the world in Lagos State. He also owns the second-largest sugar refinery globally and the largest cement factory in Kogi State,” he noted. Additionally, Dangote’s ventures include a fertilizer plant in Lagos that exports globally and is set to surpass the world’s largest in Qatar.
Emphasizing Dangote’s role as a significant employer and taxpayer, Otedola stated, “Aliko Dangote is the largest private sector employer in the country. His companies contribute more in taxes than the top banks combined. His contributions extend to critical infrastructure, including major roads like the Apapa Oshodi-Owonrosoki Express Road and the Obajana-Kabba Road.”
Drawing parallels with other countries, Otedola cited examples of nations that have supported visionary leaders to drive industrialization. “Countries in the early stages of industrialization need visionary leaders. The United States, built by remarkable individuals like Cornelius Vanderbilt, John D. Rockefeller, Andrew Carnegie, J.P. Morgan, and Henry Ford, is a prime example. These men left a legacy that continues to thrive,” he wrote.
Otedola highlighted the role of government support in fostering local champions, referencing substantial backing for tech giants like Microsoft and Tesla from the US government. “In January 2010, the Department of Energy issued a $465 million loan to Tesla Motors for the development of all-electric vehicles and a manufacturing facility in Fremont, California,” he mentioned.
He also pointed to other countries where government support has been instrumental. “India’s support for business titans like Gautam Adani and Mukesh Ambani has significantly contributed to its economic growth. Emerging markets like Vietnam, South Africa, Brazil, and China have also supported local businesses to jump-start industrialization,” he explained.
“In Vietnam, government incentives have fostered a rapidly growing tech sector. South Africa’s support for its mining industry has maintained global competitiveness, and Brazil’s investment in agriculture has made it a leading food exporter. In China, government backing for companies like Huawei and Alibaba has propelled them to global leadership in technology and e-commerce,” he added.
Otedola concluded by reaffirming the necessity of supporting local visionaries like Dangote. “In Nigeria, we have our own titans. 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,” he urged.
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