The Chairman of Dangote Group, Aliko Dangote said his firm will no longer invest in Nigeria’s Steel industry over allegations of monopoly.
Dangote disclosed this on Saturday while addressing journalists amid the ongoing impasse with the Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA.
Recall that the Chief Executive Officer of NMDPRA, Farouk Ahmed said it is risky for Nigeria to depend on Dangote Refinery for petroleum products to avoid monopoly.
The regulators’ boss also said that petroleum products from the Dangote Refinery, and other local refineries, are inferior.
https://dailypost.ng/2024/07/18/dangote-refinerys-petroleum-products-are-interior-nmdpra/
However, Dangote, reacting to Ahmed’s comment, said that the company’s board has decided to avoid the steel industry to prevent accusations of attempting to monopolize it, just as is being claimed due to its operations in the petroleum sector.
“Own board has decided that we shouldn’t do the steel because if we do the steel business, we will be called all sorts of names like monopoly. And then also, imports will be encouraged. So we don’t want to go into that.
“Let other Nigerians go and do it. We are not the only Nigerians here. There are some Nigerians with more cash than us. They should bring that money from Dubai and other parts of the world and invest in our fatherland,” he said.
‘Let other Nigerians do it’ – Dangote quits investment in steel industry
