A prominent industrialist in Oyo State has made a direct appeal to Africa's richest man, Aliko Dangote, to intervene and significantly reduce the price of diesel in Nigeria. This call aims to provide critical relief to manufacturers and businesses buckling under the immense cost of power generation.
An Urgent Appeal from Ibadan's Business Community
The appeal was made publicly on December 30, 2025, by Emmanuel Folorunso Ogunnaike, an Ibadan-based industrialist and the First Deputy President of the Ibadan Chamber of Commerce, Industry, Mines and Agriculture (ICCMIA). Addressing journalists in his office, Ogunnaike, who is also the Chairman of Folhope Nigeria Limited, highlighted the severe financial strain the high cost of diesel places on productive sectors.
He emphasized that with reliable electricity from the national grid remaining elusive for most businesses, dependence on diesel-powered generators has become a non-negotiable but financially draining reality. “Expenses on diesel are really overwhelming on the cost of production,” Ogunnaike stated.
The Crippling Cost of Energy on Production
Ogunnaike explained that the situation affects a wide range of enterprises, from general manufacturing to poultry farming. “If you ask an average manufacturer of any sort or poultry products merchant, he or she will tell you how enormously he or she is spending on diesel every day due to lack of power supply,” he noted.
The consequences are already visible across the industrial landscape. The chairman pointed out that many factories are being forced to shut down operations, while others are drastically scaling back their production capacity. This trend poses a significant threat to employment and economic growth.
Following the Petrol Price Reduction Template
While making his appeal, Ogunnaike commended Aliko Dangote and the Dangote Group for their transformative impact on the petroleum sector, particularly the role of the Dangote Refinery in improving the availability and price of petrol (PMS).
He urged the business magnate to replicate this success for Automotive Gas Oil (AGO), commonly known as diesel. “I am using this opportunity to appeal to Alhaji Aliko Dangote to apply the template he used to bring forth the reduction in the pump price of petrol to bring about a drastic reduction in the price of diesel as well,” Ogunnaike said.
He expressed confidence that a reduction in diesel prices would offer substantial relief to industrialists, helping to stabilize operations and prevent further closures. Alongside his appeal to Dangote, Ogunnaike also called on the government to implement supportive measures for manufacturers, recognizing their vital role as major employers of labour in the Nigerian economy.
