By Olu Fasan
Last week, I wrote about the dire economic consequences for Nigeria as a petrostate almost solely reliant on oil and gas exports. This week, I want to address another aspect of that intervention: the climate impacts of Nigeria’s deepening commitment to burning fossil fuels.
By Olu Fasan
Aliko Dangote, the richest man in Africa, is a product of the Nigerian state. By deliberate policy choices, the state made Dangote Nigeria’s foremost oligarch with presidents on speed dial. However, recent rifts between Dangote’s oil refinery and the Nigerian National Petroleum Company, NNPC, as well as the Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, not to mention the raid on his business headquarters by the Economic and Financial Crimes Commission, EFCC, suggest that all is not well with the long-running relationship between Dangote and the state. Yet, having turned Dangote into a commercial Leviathan, the state must now wisely recalibrate and manage the relationship.
To be clear, Dangote was not born poor. He was born into wealth and became a millionaire very early in life. However, his transition from a millionaire to Africa’s richest man would not have happened without a leg-up from the state, without special favours and preferential treatment from the Nigerian state. To this credit, Dangote himself admits this. Before we come to the refinery saga, let’s tell the fascinating story, as Dangote himself narrated it.
