BUSINESSMAN and philanthropist, Femi Otedola, has called on Nigerians to rally round local businesses, especially those that have made their marks in the nation’s business space, to enable the country to achieve the much-desired economic development.
The former Chairman of Forte Oil PLC, in a message, on his verified X (formerly Twitter), Handle to identify with the business mogul, Alhaji Aliko Dangote on his recent face-off with the regulatory agencies in the nation’s Oil & Gas Sector, noted that just like other advanced countries in the world, Nigeria also has its own ‘titans’ that should be celebrated.
Otedola stated that Dangote has, over the years, broken every boundary in global business and industry, and therefore deserves the nation’s support.
He described the businessman’s contributions, as not just a testament to his brilliance, but a beacon of what is possible when vision meets opportunity.
“ Supporting local champions like Dangote is crucial for our national development and economic independence. Let us continue to foster and support these visionaries who drive our nation’s progress”, Otedola stated.
Reeling out some of Dangote’s achievements in the corporate world, such as the establishment of the largest single train refinery in the world, the second-largest sugar refinery in the world, largest cement factory in the world, and others, Otedola believed those feats made ‘Dangote a titan that God created specially for mankind.’
Besides being the largest private sector employer of labour, and his companies among the largest tax-paying corporate organisations in the country, Otedola added that, but for Dangote’s intervention in the cement market, the country would still have been importing the product till date.
“His contributions extend beyond industrial facilities to critical infrastructure, having built major roads such as the Apapa Oshodi-Owonrosoki Express Road, Wharf Road, and the Obajana-Kabba Road,” he stated.
Otedola argued that just like other countries, Nigeria also needs a visionary leader such as Dangote, at this nascent stages of her industrialization, to make its industrialisation dream come true.
The Executive Chairman Geregu Power PLC cited instances of countries, such as the United States, India, Vietnam, South Africa, China and Brazil, where some of their established companies have continued to enjoy the supports of their home governments.
“Today’s tech giants like Microsoft and Tesla received substantial support from the US government. For example, in January 2010, the Department of Energy issued a $465 million loan to Tesla Motors to produce specially designed, all-electric plug-in vehicles and to develop a manufacturing facility in Fremont, California to produce battery packs, electric motors, and other powertrain components for powering these innovative vehicles.
“This initiative is part of broader efforts, such as the federal EV-charging program supported by the infrastructure law known as the National Electric Vehicle Infrastructure program, or NEVI.
“In India, the government has been instrumental in supporting business titans like Gautam Adani and Mukesh Ambani. Their companies have received significant backing to grow and expand, contributing substantially to India’s economic growth and global business footprint.
“There are also records of emerging market countries like Vietnam, South Africa, Brazil, and China where their governments have supported local businesses to jump-start industrialization.
“ In Vietnam, the government has provided various incentives to tech companies, fostering a rapidly growing technology sector.
“In South Africa, government support for the mining industry has been crucial in maintaining its global competitiveness. Brazil has seen substantial government investment in its agricultural sector, transforming it into one of the world’s leading food exporters.
“ In China, government backing for companies like Huawei and Alibaba has propelled them to global leadership in technology and e-commerce”, the businessman added.
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