The President of Dangote Group, Aliko Dangote, has announced that the company will abandon its plans to invest in Nigeria’s steel industry.
He made the remarks yesterday while speaking to newsmen at his refinery in Lagos, and explained that the board decided against the steel investment to avoid accusations of monopolistic behaviour.
However, Dangote emphasised that such claims are unfounded.
His words: “Our board decided against entering the steel business to avoid being labeled a monopoly,” Dangote stated.
“We also want to avoid encouraging imports. We add value by using local raw materials and turning them into products. We have never blocked anyone from entering the same business.”
Dangote compared this situation to the company’s entry into cement production, noting that Lafarge was the only operator at the time but was not accused of monopolistic practices.
He dismissed the monopoly accusations, stressing that his company operates on a level playing field and does not prevent others from competing.
Watch the video below:
pic.twitter.com/L1pLGdpX56
— MyNigeria.com (@TheMyNigeria) July 21, 2024
Aliko Dangote shuns investment in Nigeria’s steel industry to avoid monopoly accusations. #MyNigeria
