The President and Chief Executive Officer (CEO) of Dangote Group, Aliko Dangote has announced that the company will dump its plans to step into Nigeria’s steel industry to avoid being branded a monopoly.
He explained that the company’s board decided to avoid the steel industry to prevent accusations of attempting to monopolise it.
Aliko Dangote in June had announced his company plans to delve into steel production shortly stating that he wants to ensure that every steel used in West Africa comes from Nigeria.
He noted that the next venture after the refinery project would be in steel manufacturing and ensure that all steel products used in West Africa come from Nigeria.
One key reason for this withdrawal is that this will encourage the importation of raw materials from overseas, which contradicts the firm’s core mandate.
In his words “You know, about doing a new business which we announced, the steel.
“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. So we don’t want to go into that,” he said.
Dangote although urged other 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. They should bring that money from Dubai and other parts of the world and invest in our fatherland,” Dangote added.
