Otedola Hails Dangote Refinery as a Game-Changer in Nigeria’s Oil Industry

Billionaire businessman Femi Otedola has described the Dangote Refinery as a transformative development for Nigeria’s oil sector and overall economy, declaring that the project has ushered in a new era of change. Speaking in response to the controversy between the refinery and the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN), Otedola stressed that the 650,000 barrels-per-day facility is already altering the dynamics of petroleum supply, reducing Nigeria’s reliance on imports, and boosting confidence in the country’s energy self-sufficiency.

Otedola, who has long been a key player in Nigeria’s energy and finance sectors, said the refinery should be seen as a national asset rather than a competitor to local petroleum marketers. He argued that the establishment of Africa’s largest single-train refinery is not only a business milestone for Aliko Dangote but also a strategic victory for Nigeria, ending decades of dependency on imported refined products and addressing inefficiencies in the downstream oil sector. According to him, the project symbolizes “the dawn of a new chapter” in Nigeria’s journey to energy security.

The remarks come amid tension between the refinery and DAPPMAN, following claims by the refinery’s management that some marketers were involved in underhanded practices, including smuggling. While DAPPMAN has pushed back against the allegations and even threatened legal action, Otedola called for dialogue rather than confrontation, noting that the entire industry stands to benefit from the refinery’s operations. He maintained that rather than escalating disputes, stakeholders should unite to maximize the refinery’s potential for the Nigerian economy.

Otedola pointed out that for more than 50 years, Nigeria has grappled with recurring fuel shortages, subsidy burdens, and inefficiencies in the downstream sector. With the refinery now operational, he said Nigerians are witnessing the end of perennial fuel queues, which had often crippled economic activity and heightened public frustration. He added that the refinery has provided an opportunity for the country to conserve foreign exchange, reduce subsidy-related losses, and channel resources toward infrastructure and social development.

The business mogul also highlighted the refinery’s broader economic impact, including job creation, support for local industries, and its role in positioning Nigeria as a net exporter of refined products to other African countries. According to him, the facility will not only serve domestic needs but also strengthen intra-African trade under the African Continental Free Trade Area (AfCFTA). “This is more than just a refinery; it is a catalyst for industrial growth and regional economic integration,” he said.

In his remarks, Otedola emphasized that the Dangote Refinery represents the kind of bold, private sector-driven investment that Nigeria needs to overcome structural bottlenecks. He noted that while public refineries have struggled with inefficiency for decades despite billions of dollars in turnaround maintenance, Dangote’s project demonstrates what private capital and determination can achieve. “This is the change we have been waiting for—change that comes not from government handouts, but from visionary investments,” Otedola stated.

Industry observers agree that the refinery could significantly reshape the oil and gas landscape. With its massive processing capacity, it is expected to meet Nigeria’s domestic demand for petrol, diesel, aviation fuel, and other petroleum products, while also generating export revenues. Analysts believe the project could save Nigeria billions of dollars annually that were previously spent on importing fuel, thereby strengthening the naira and improving the country’s balance of payments.

However, the project is not without challenges. Regulatory hurdles, distribution bottlenecks, and initial teething issues in aligning supply chains with domestic marketers have created some friction. But Otedola insisted these challenges are temporary and can be overcome with collaboration. He urged marketers, regulators, and government agencies to align with the refinery’s vision, stressing that it represents a once-in-a-generation opportunity to recalibrate Nigeria’s petroleum sector.

He also called on Nigerians to support the refinery as a symbol of homegrown industrial capacity. According to him, it is a matter of national pride that Africa’s richest man has invested heavily in a facility that will benefit millions of citizens and generations to come. He argued that instead of seeing Dangote as a competitor, industry players should see him as a partner in nation-building.

The billionaire’s intervention is seen as timely, coming at a moment when disagreements in the downstream sector could undermine public perception of the refinery’s impact. By framing the project as a unifying national achievement, Otedola underscored the need for collective responsibility in ensuring that it delivers on its promise.

As Nigeria continues its economic reforms, stakeholders believe the Dangote Refinery stands as one of the clearest symbols of the country’s ability to harness private sector ingenuity for national progress. For Otedola, the message is clear: change has indeed come to the oil industry and, by extension, to Nigeria’s economic landscape.