Dangote Halts Steel Investment Plans to Avoid Monopoly Accusations
Aliko Dangote, the chairman of Dangote Industries Limited, has decided to step back from plans to enter Nigeria’s steel industry.
This move comes just two months after announcing intentions to invest in the sector to help boost the economy.
Dangote pointed out that entering the steel industry might encourage imports, which goes against their business ethos. “If you look at all our operations at Dangote, we add value; we take local raw materials, turn them into products, and we sell. We have never consciously or unconsciously stopped anybody from doing the same business that we are doing,” he added.
Recalling the early days of Dangote Cement, he noted that Lafarge was the only company operating in Nigeria at the time, yet no one accused Lafarge of being a monopoly.
“Monopoly is when you stop people, you block them through legal means. No, it is a level playing field whereby whatever Dangote was given in cement, for example, other people were given because some of them even got more than us,” he said, expressing his frustration with the monopoly accusations.
Despite stepping back from the steel industry, Dangote encouraged other Nigerians to invest in the sector to help grow the economy. “Let other Nigerians go and do it. We are not the only Nigerians here. There are some Nigerians with more cash than us,” he said. He urged wealthy Nigerians to bring their money back from places like Dubai and invest in their homeland.
Aliko Dangote’s decision reflects his commitment to fair business practices and his hope that others will join in investing in Nigeria’s future.
