Billionaire businessman Femi Otedola has lauded Africa’s richest man, Aliko Dangote, for expanding his multi-billion-dollar refinery project, describing it as a “generational legacy” that will redefine the continent’s industrial and economic future.
Otedola made the remarks in a congratulatory statement shared via his official social media accounts on Sunday, following reports that Dangote Group had secured additional investments to scale up the $20 billion Dangote Refinery complex in Lagos. The expansion is expected to boost production capacity and accelerate Nigeria’s goal of becoming self-sufficient in refined petroleum products.
According to Otedola, the refinery’s scale and vision represent more than a business achievement it embodies a “transformational legacy for Africa.” He praised Dangote’s courage and long-term commitment to national development, adding that the refinery would save Nigeria billions of dollars in fuel imports, create thousands of jobs, and stimulate growth across multiple sectors.
“Aliko has once again proven that with vision, discipline, and persistence, Africa can achieve world-class industrialization. This refinery is not just a project; it’s a generational legacy that will benefit our children and grandchildren,” Otedola said.
Industry experts have echoed Otedola’s sentiments, noting that the refinery already the largest single-train facility in the world is set to transform Nigeria’s energy landscape. Once fully operational, it is projected to refine 650,000 barrels of crude oil per day, producing petrol, diesel, aviation fuel, and other petrochemical products for both domestic use and export.
READ ALSO: Tinubu Congratulates Japan’s First Female PM Sanae Takaichi
Dangote, who recently announced plans to extend the refinery’s capacity and add new petrochemical units, said the expansion would enhance regional energy security and reduce Africa’s dependence on imported refined products. “This is about building Africa’s future with African hands,” Dangote said during a recent industry forum.
The refinery, situated in the Lekki Free Zone, Lagos, began operations earlier this year and has already started supplying diesel and aviation fuel to the local market. Analysts say the project could save Nigeria up to $25 billion annually in foreign exchange and strengthen the naira.
Otedola’s endorsement adds to the growing praise for Dangote’s vision, with both men often cited as symbols of Nigeria’s private sector resilience. As Otedola put it, “This is not just an oil refinery it’s a symbol of African excellence and ambition.”