Nigeria – Dangote’s Bold Stride. A Turning Point for Nigeria?

By Jumoke Ogbe

It looks like the much-anticipated Dangote refinery has come to stay. As usual with everything Nigerian, the stories of a private refinery in Africa’s largest country that will boost the production of petroleum products was taken with a grain of salt when it first surfaced. The challenges seemed to be too enormous, and most people wondered how Africa’s most successful businessman was going to maneuver his way through the international community who’ve always had monopoly over the oil trade with Nigeria to the Nigerian government and its usual corrupt practices. It was realistic to think that the venture was a failed venture from the beginning.

It is now becoming clearer by the day however that Dangote is a man with a vision who has taken a bold step in investing much of his vast wealth in a venture that could see Africa’s largest economy into becoming a force to be reckoned with not just in Africa but the world in general.

There was a little controversy when the refinery wanted to start producing fuel, but this was settled with the federal government of Nigeria, the NNPCL and Dangote refinery settling for an arrangement that will see all three groups participate in the process. Even though the price of fuel has not dropped significantly since the refinery started production, there are some good signs that the venture could place Nigeria in a position of advantage in the very near future. There is already talk of Dangote refinery overseeing producing aviation fuel for all the airlines operating out of Nigeria. There is also talk of the refinery selling fuel not just to African countries but countries that need it all over the world.

The potential for the country if this venture succeeds is a huge one. To begin with, Nigeria will be exporting refined oil which is a product that is found in the country in abundance but has now been packaged for the world out there.

This development is a revolution when you really look at it. It has taken one man to do what the Nigerian state has not been able to do for decades. This is a bold step, and I am beginning to be convinced that Dangote is a man with a plan and a man who is determined to leave a legacy for his country. It is a bold move, a breadth of fresh air and the kind of venture that Nigerian businessmen should be investing in. He has undertaken a task that is not for the fainthearted and he should be commended for this.