The Oluwo of Iwoland, Oba Abdulrosheed Adewale Akanbi, has linked the conflict involving the United States, Iran, and Israel to the intensified economic pressures across the world that threaten energy security in many countries.

Oba Akanbi also stated that the establishment of the Dangote Refinery is a major intervention that prevented Nigeria’s economy from sliding into crisis amid global energy challenges.

In a statement issued by his Chief Press Secretary, Alli Ibraheem, on Thursday, the royal father, while commending the President of Dangote Group, Alhaji Aliko Dangote, added that the refinery had contributed significantly to stabilising the country’s economy and cushioning the impact of rising global fuel prices on ordinary Nigerians.

Oba Akanbi stated that the refinery’s operations had given Nigeria a strategic advantage at a time when many countries were grappling with dwindling fuel reserves and heightened economic uncertainty.

He noted that Dangote’s investment had 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 said he often reflected on the likely consequences for ordinary Nigerians if fuel prices had reached such levels, especially in the face of 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 the 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.”