In a surprising development, Aliko Dangote, chairman of Dangote Industries Limited, announced that his company would no longer pursue plans to enter Nigeria’s steel industry. This decision comes just two months after the conglomerate expressed its intention to invest in the sector to support the growth of the Nigerian economy.
Speaking to journalists at his refinery in Lagos on Saturday, Dangote explained that the company’s board decided to withdraw from the steel industry to avoid potential accusations of monopolistic behavior. “We have decided to avoid the steel industry to prevent accusations of being branded a monopoly,” Dangote stated.
Despite these concerns, Dangote firmly denied that his group of companies enjoys any monopolistic advantages. He emphasized that Dangote Industries operates within the competitive framework of the Nigerian economy, adhering to fair business practices.
The announcement has sparked significant discussion online, particularly on social media. Reacting after Dangote said he wouldn’t proceed further with his steel investment, Shehu Sani in a tweet on X, pleaded with Dangote as he told him, he knows Dangote is angry, but he should please rescind his decision not to invest in Nigeria’s steel industry. Shehu Sani said Dangote’s investment will create thousands of jobs for the young people and help in the industrialization of the country, and he shouldn’t mind the old folks.
Peoplesmind
