Aliko Dangote, the chairman of Dangote Industries Limited, has said that the company will no longer pursue its plans to enter Nigeria’s steel industry.
News About Nigeria reports that this decision comes just two months after the company expressed its intention to invest in the steel sector and expand the economy.
During a press conference at his refinery in Lagos, Dangote explained that the company’s board made this decision to avoid being labelled a monopoly.
He emphasised that his company’s operations aim to add value by utilising local raw materials and transforming them into products for sale.
He denied any allegations of monopolistic practices, stating that Dangote Industries has never intentionally or unintentionally hindered others from engaging in similar businesses.
He cited the example of cement production, where Lafarge was the sole operator in Nigeria before Dangote Industries entered the market.
Dangote argued that labelling his company as monopolistic is disheartening and misleading.
Instead, Dangote encouraged other Nigerians to invest in the steel industry, emphasising that his company is not the only player in the market.
He urged individuals with sufficient capital to bring their investments from abroad and channel them into Nigeria’s economy.
Dangote, however, encouraged Nigerians to invest in the industry to help boost the country’s economy.
“Let other Nigerians go and do it. We are not the only Nigerians here. There are some Nigerians with more cash than us,” the billionaire said.
Dangote said people “should bring that money from Dubai and other parts of the world and invest in our fatherland.”
