EKO ATLANTIC, DANGOTE REFINERY AND CHIKE-OBI

Mustafa Chike-Obi, a prominent figure in Nigeria's financial sector, has ignited debate by proposing that Eko Atlantic City might ultimately contribute more to the nation's Gross Domestic Product than the massive Dangote Petroleum Refinery.

Speaking on the podcast "Policy Without Politics," Chike-Obi, son of renowned mathematician Prof. Chike Edozien Obi, argued that while the refinery has revolutionized the downstream oil sector, Eko Atlantic's potential for attracting businesses, institutions, and residents positions it for broader and more significant long-term economic impact. He projected that within a decade, the city would employ more people than the refinery and that its overall economic contribution would dwarf that of the refinery.

“

Ten years from now, Eko Atlantic will employ more people than the refinery can employ in 10 years… by the time Eko Atlantic is a well thought-out, developed city, the impact on the Nigerian economy and GDP will, in my opinion, dwarf that of the refinery.

Chike-Obi also advocated for an "even-handed approach" from the federal government in supporting landmark private sector investments. He noted that both projects are in free trade zones, but Eko Atlantic appears to rely less on government support than the refinery, suggesting the government should consider investing in the city.

However, the author of the article strongly contests Chike-Obi's hypothesis, labeling it "disputable and flawed." By established economic parameters, the Dangote Refinery is presented as a far more substantial contributor to GDP through its production of goods and services, capital investment, and foreign exchange earnings. The article asserts that any business creating goods, investing in expansion, and engaging in international trade inherently contributes more to GDP.

“

If government is going to invest in something as big, important and successful as the refinery, they should consider an investment in Eko Atlantic in some way.