US‑Iran conflict linked to global energy crisis, says Oluwo

The Oluwo of Iwoland, Oba Abdulrosheed Adewale Akanbi, has linked the United States‑Iran‑Israel conflict to the heightened economic pressures that threaten energy security worldwide.

Oba Akanbi also praised the establishment of the Dangote Refinery as a key intervention that kept Nigeria’s economy from slipping into crisis amid global energy challenges.

In a statement issued by his Chief Press Secretary, Alli Ibraheem, on Thursday, the royal father commended Dangote Group President Alhaji Aliko Dangote, adding that the refinery had played a major role in stabilising the country’s economy and mitigating the impact of rising global fuel prices on ordinary Nigerians.

He said the refinery’s operations gave Nigeria a strategic advantage at a time when many countries were struggling with shrinking fuel supplies and heightened economic uncertainty.

Oba Akanbi noted that Dangote’s investment positioned Nigeria as a key player in the global energy market.

“God loved us enough to bless us with a Nigerian, a black man, who personally financed a private refinery exporting fuel to advanced countries of the world. Without Dangote Refinery, Nigerians would have bought a litre of petrol at N10,000,” he said.

The traditional ruler reflected on the potential consequences for ordinary Nigerians if fuel prices had reached such levels, especially amid fluctuating crude oil prices and global market volatility.

According to him, “Nigeria currently enjoys relatively low fuel prices compared with many parts of the world because of the refinery’s contribution to domestic supply. The facility has given Nigerians greater confidence in the country’s economic resilience.”

He welcomed reports that the refinery had increased its production capacity from 650,000 barrels per day to 700,000 barrels per day following performance tests conducted by its process licensors, as disclosed by Vice President of Oil and Gas at Dangote Industries Limited, Devakumar Edwin.

Oba Akanbi described the expansion as a major milestone for the facility, which he said is widely regarded as the world’s largest single‑train petroleum refinery and has the potential to strengthen Nigeria’s standing as the “Giant of Africa.”

He noted that the refinery now supplies both domestic and international markets, exporting refined petroleum products to several African countries as well as European nations, including the United Kingdom, France, Spain, Italy, and the Netherlands.

He added that refined products from the facility have also reached the United States, while jet fuel exports have extended to Saudi Arabia.

The Oluwo commended President Bola Ahmed Tinubu for supporting the refinery project and called for sustained collaboration to ensure the facility achieves its projected expansion targets.

“Dangote has been honoured abroad. He should be celebrated more at home,” he said.

In recognition of Dangote’s contributions to Nigeria’s economy and the African continent, the monarch announced the conferment of the title, “Chief Atayero of Nigeria,” meaning “The Refiner of Nigeria,” on the businessman, saying, “Dangote is the first black man to achieve such a giant economic reach. I am proud of him.”