Aliko Dangote, President of the Dangote Group, has announced that he will halt plans to invest in Nigeria’s steel industry. Speaking to journalists on Saturday at the refinery, Dangote explained that the decision was made to avoid accusations of monopolistic practices.
The business magnate had previously revealed intentions to invest in the steel sector to help expand Nigeria’s economy. However, during the press briefing, Dangote stated that the company’s board decided against the investment to prevent being labeled as a monopoly.
“You know, about doing a new business which we announced, that is, steel. Actually, our 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,” Dangote said.
He encouraged other Nigerians to step up and invest in the steel industry, emphasizing that there are many capable investors within the country. “Let other Nigerians go and do it because we are not the only Nigerians here. Some Nigerians may even have more cash than us. They should bring that money from Dubai and other parts of the world and come and invest in our own fatherland,” he urged.
Dangote also touched on the long-standing issue of petrol queues in Nigeria, noting that the country has faced this problem since 1972. Despite recent disruptions in petrol production due to a fire incident at the refinery, he assured that production would resume by mid-August. “PMS was supposed to be out by July, but we had a fire incident. The incident disrupted us for a few days, but on the latest 10th or 12th of August, PMS will be ready,” he confirmed.
