The Oluwo of Iwoland, Oba Abdulrosheed Akanbi, has said that the operations of the Dangote Petroleum Refinery played a major role in shielding Nigeria from an economic crisis triggered by rising global tensions linked to the United States–Iran conflict.
The monarch made the remarks in a statement issued through his Chief Press Secretary, Alli Ibraheem, in Osogbo, Osun State.
Oba Akanbi explained that the international crisis created significant uncertainty in global energy markets, placing pressure on oil-dependent economies like Nigeria.
He noted that without local refining capacity, Nigeria would have experienced severe fuel shortages and extreme price hikes.
According to him, the Dangote Refinery helped stabilise fuel availability and reduced the impact of global price volatility on Nigerian consumers.
The traditional ruler warned that petrol prices could have skyrocketed without the intervention of local refining capacity.
“The U.S.–Iran crisis increased global economic tension. It was an unexpected situation,” he said.
“At that critical moment, a black entrepreneur helped stabilise fuel supply and prevented scarcity.”
“Without the Dangote Refinery, Nigerians could have been paying as high as N10,000 per litre of petrol.”
Oba Akanbi also commended Aliko Dangote, President of the Dangote Group, for expanding the refinery’s capacity.
The refinery is currently projected to grow from 650,000 barrels per day to 700,000 barrels, with long-term expansion plans targeting 1.4 million barrels per day by 2028.
He described the project as a landmark achievement that strengthens Nigeria’s position in global petroleum refining.
The monarch said the refinery has become a critical asset for Nigeria’s energy security, economic stability, and industrial growth.
He added that the facility enhances Africa’s competitiveness in the global energy market and reduces dependence on imported refined products.
Oba Akanbi also praised President Bola Ahmed Tinubu for supporting the refinery project, urging continued collaboration between government and private investors.
He stressed that sustained support would ensure Nigeria maximises the economic benefits of domestic refining and reduces exposure to global oil shocks.
