Eko Atlantic could surpass Dangote Refinery’s GDP impact, says Chike-Obi
Former Chairman of Fidelity Bank, Mustafa Chike-Obi, has said Eko Atlantic City could eventually contribute more to Nigeria’s Gross Domestic Product (GDP) than the Dangote Petroleum Refinery because of its broader economic and employment potential.
Speaking on Thursday during the Policy Without Politics podcast, which he co-hosts with Ken Ikpe, Chike-Obi said while the Dangote Refinery has transformed Nigeria’s downstream oil sector, Eko Atlantic’s long-term impact would be driven by its ability to attract businesses, institutions and residents.
According to him, the city could create more jobs in a single year than the refinery would generate in a decade once it is fully developed.
“Eko Atlantic, in terms of value to GDP, is comparable to the refinery. It may even be bigger. Ten years from now, it will employ more people in one year than the refinery can employ in 10 years,” he said.
Chike-Obi noted that major organisations are already establishing operations in the city, citing the construction of what he described as the United States’ largest embassy abroad, the presence of First Bank, as well as restaurants and hotels, with MTN also expected to relocate there.
He urged the Federal Government to adopt an even-handed approach in supporting major private-sector investments, arguing that both Eko Atlantic and the Dangote Refinery are free trade zone projects and should receive equitable policy support.
Responding during the discussion, Ikpe argued that the refinery received greater government backing because it addressed Nigeria’s immediate fuel supply challenges. Chike-Obi, however, disagreed, insisting that the removal of petrol subsidy, rather than the refinery itself, resolved the country’s recurring fuel shortages.
He also dismissed claims that the refinery was primarily responsible for recent improvements in Nigeria’s foreign exchange position, arguing that the gains were largely driven by foreign exchange market liberalisation and higher interest rates that attracted foreign capital.
