By Happiness Samuel

The Oluwo of Iwo, Oba Abdulrosheed Akanbi, said Nigeria’s economy could have been severely destabilised, with petrol prices potentially surging to as high as ₦10,000 per litre amid the ongoing United States–Iran tensions, if not for the operations of the Dangote Refinery.

The monarch commended the President of Dangote Group, Alhaji Aliko Dangote, describing his investment in the refinery as a major intervention that has helped stabilise Nigeria’s energy supply and shield the economy from broader global shocks.

Oba Akanbi said the refinery has positioned Nigeria in a stronger global energy footing at a time when many countries face supply pressures.

Despite the huge exportation of Dangote fuel, many great nations are almost running out of their fuel reserves. God blessed Nigeria with a Nigerian who personally financed a private refinery that exports fuel to advanced countries,” he said.

He argued that without the refinery, Nigerians would have faced extreme fuel prices driven by global crude oil volatility.

“Without the Dangote refinery, Nigerians would have bought a litre of petrol at ₦10,000,” he said, adding that the facility has helped keep domestic fuel prices comparatively low.

The monarch further noted that Dangote’s refinery has enhanced Nigeria’s economic influence, especially as global energy markets face uncertainty linked to geopolitical tensions.

He also referenced the refinery’s planned expansion, saying it would further strengthen Nigeria’s position in global energy production and reinforce its long-term economic prospects.

“It should be a pride that the Dangote oil facility now supplies both domestic and international markets, exporting refined products to several African countries and to European destinations. Refined products from the facility have reached markets in the United States, while jet fuel exports have extended to Saudi Arabia.”

He lauded President Bola Tinubu for providing the necessary support for the refinery and sought continued collaboration to ensure it becomes the largest, as projected by the President of the Dangote Group.