Aliko Dangote, Africa’s wealthiest person, has pulled the plug on his plan to build a steel plant in Nigeria. This decision came after the government expressed concerns that his extensive business ventures, especially his new oil refinery, might lead to a monopoly in steel.
Dangote announced the change of plans on Saturday while addressing journalists at his refinery in Lagos. He explained that the company’s board decided to avoid entering the steel market to avoid being “called all sorts of names like monopoly.”
These concerns arose last week when the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) accused Dangote of lobbying the government to halt the importation of diesel and aviation fuel. The agency argued that such a move would give his refinery a monopoly over these products in Nigeria.
Earlier this year, Dangote had revealed plans to build a 5,000-ton steel plant to supply the West African market once his refinery was fully operational. However, the recent accusations have led him to put these plans on hold. Dangote expressed his disappointment, calling the accusations “very disheartening.”
He also encouraged other Nigerian entrepreneurs to invest in the steel industry. “Let other Nigerians also go and do it, because we are not the only Nigerians here. There are even some Nigerians with more cash,” he said, urging them to “invest in our own Fatherland.”
—Ezinwanne Onwuka reports for TruthNigeria from Abuja.
