Businessman and philanthropist Femi Otedola has asserted that Nigeria requires visionaries who would build industries with their wealth to foster the country’s economic growth.

Mr Otedola’s assertion comes amid the ongoing feud between his fellow businessman, Aliko Dangote and the oil regulatory body, the Nigerian Midstream and Downstream Petroleum Regulatory Agency (NMDPRA), over the former’s refinery located in Ibeju-Lekki, Lagos State.

In a statement shared on X Tuesday, Mr Otedola emphasised that recognising and supporting “titans”, “local champions”, and “visionaries” such as Mr Dangote “is crucial for our national development and economic independence” and to “drive our nation’s progress.”

“Countries in the nascent stages of industrialisation require visionary leaders,” said Mr Otedola. “This is why it’s no surprise that the United States was built by the vision and tenacity of a few remarkable individuals—Cornelius Vanderbilt, John D. Rockefeller, Andrew Carnegie, J.P. Morgan, and Henry Ford—THE MEN WHO BUILT America’s industrial landscape. “

Mr Otedola said the individuals who established industries had the backing of their government, which acknowledged the importance of “local champions” in national development.

He added, “Their contributions were immortalised not in the material wealth they amassed but in the enduring institutions and industries they established. These visionaries were also supported by their government, which recognised the importance of fostering local champions.”

Describing Mr Dangote as a visionary, Mr Otedola, the former chairman of Forte Oil, Plc, noted his fellow businessman’s immense investments in the country.

He said, “My brother, the Visionary, has built the largest single train refinery in the world, not in Kano, but in Lagos State. He is the owner of the second-largest sugar refinery in the world, also in Lagos State, and the largest cement factory in the world, not in Kano, but in Kogi State.”

“Additionally, he has established one of the second-largest fertiliser plants in the world, soon to surpass the biggest one in Qatar, also in Lagos State. Furthermore, he has built a fertiliser plant in Lagos that already exports globally. Aliko Dangote is a titan that God created specially for mankind,” he stated further.

Stating that Mr Dangote is the country’s largest private sector employer of labour, Mr Otedola noted, “Dangote Group often pays more in taxes than the top banks combined,” adding, “If not for him, we would still be importing cement. “

“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 recounted.

Mr Otedola advised the federal government to emulate other countries by supporting local industries like the Dangote Group for the country to thrive.