Is Tinubu Working? A Billionaire’s Endorsement, A Nation’s Question
Jerry Adesewo
When Africa’s richest man, Aliko Dangote, commends a president, the world listens. When Tony Elumelu, another titan of industry, echoes similar praise, the world pauses. And when both do so in the same week—amid economic uncertainty, political tension, and rising public frustration—it begs a serious question: Is President Bola Ahmed Tinubu’s administration finally finding its stride?
READ ALSO: As Nigeria Cheers, Chokes, and Churns — The Week That Was, The Week That Is
During a weekend visit by the Minister of Industry, Trade, and Investment, Dr. Jumoke Oduwole, to the massive $20 billion Dangote Refinery and Petrochemical Complex in Ibeju-Lekki, Lagos, Dangote broke his usual reserve to commend Tinubu as a “listening president” whose policies are “reviving investor confidence.” It was more than a polite gesture—it was a declaration of optimism from a man who rarely speaks without careful calculation.
The Dangote Refinery, a behemoth project capable of transforming Nigeria’s energy landscape, has long grappled with crude oil supply bottlenecks. But according to Dangote, Tinubu’s ‘Naira-for-Crude’ initiative and the ‘Nigeria First’ policy have created a game-changing shift. “His insistence that all crude oil transactions be conducted in naira has been particularly commendable,” Dangote said, stressing that it improves predictability, strengthens local currency use, and empowers domestic production.
He didn’t stop there.
The establishment of a ‘One-Stop Shop’ (OSS) to coordinate regulatory agencies, from the Navy to the NPA, NIMASA, and Customs, has eliminated frustrating red tape. In his words, “We are not experiencing any significant issues with loading… issues are promptly addressed through the leadership of the Technical Committee.”
It was as much a compliment to Tinubu’s policy direction as it was a subtle indictment of the previous administration’s failings.
From Elumelu, Chairman of the UBA Group and Heirs Holdings, the sentiment was equally glowing. In a recent video now making the rounds on social media, Elumelu remarked, “President Tinubu is doing the right things. His policies are bold, necessary, and pro-private sector.” Coming from a businessman known for prudent optimism, this endorsement is not just flattery—it’s strategic confidence.
And yet, for all the billionaire blessings, a broader Nigeria asks: ‘Where is the impact?’
Prices of food and fuel remain punishing. The naira still staggers in the face of dollar pressures. Youth unemployment haunts our cities. And the average Nigerian remains uncertain whether these macroeconomic reforms will ever translate into affordable bread, fuel, or medicine.
Even so, the signs of structural shifts are beginning to show. Dangote’s new plan to deploy 4,000 CNG tankers promises cheaper, cleaner fuel delivery—an alternative logistics model with potential national impact. Dr. Oduwole, in her speech, praised the refinery as “a project even governments shy away from,” underscoring the administration’s renewed courtship of domestic capital.
This is a clear spin in governance. For years, Nigerian economic policy has been overly dependent on foreign direct investment. But now, with a president actively supporting local titans and recalibrating the investment climate for Nigerians who ‘already believe in Nigeria’, something appears to be shifting.
So, is Tinubu working?
If you ask Dangote or Elumelu, the answer is yes. If you ask the man buying ₦1,800 bread in Yaba or struggling to pay rent in Jos, the answer may be “not yet”.
For civil servants, whose take-home salary can no longer take them home, considering the high cost of transportation, or the business here and there, struggling to stay afloat, the answer might be a sarcastic “you dey wine me ne?”
And for top players in the opposition parties, eyeing President Tinubu’s exalted position, their response could be as political as their interest. “Don’t mind Aliko Dangote and Tony Elumelu. Are they not businessmen? So what do you expect them to say?”
But if measured by the renewed interest of local investors, clearer policy signals, and the faint but growing sense of order in once-chaotic systems, perhaps the better answer is this: Tinubu is beginning to work—but the clock is still ticking.
This is my personal opinion too. The President is working, but we aren’t seeing it yet.
And in Nigeria, good intentions must quickly meet visible results.