On Saturday, during a press briefing at his Lagos refinery, Aliko Dangote, chairman of Dangote Industries Limited, made a surprising announcement. The company has decided to halt its plans to venture into Nigeria’s steel industry. This decision comes only two months after they initially revealed their intention to invest in the sector and help expand the economy.
Dangote explained that the board chose to avoid the steel industry to prevent accusations of monopolistic practices. “If we do the steel business, we will be called all sorts of names like monopoly,” he stated. He clarified that the Dangote Group has never sought to dominate markets unfairly. Instead, they have focused on adding value to local raw materials and promoting fair competition.
Reflecting on their past ventures, Dangote mentioned their entry into cement production, where they faced competition from Lafarge. Despite being a major player, Lafarge was never accused of monopolistic behavior. He finds it disheartening that his companies are often labeled as monopolies when they strive to create a level playing field.
Despite stepping back from the steel industry, Dangote remains optimistic about Nigeria’s economic potential. He encouraged other Nigerians to invest in the sector, highlighting that there are many with substantial capital who could contribute to its growth. “Let other Nigerians go and do it. We are not the only Nigerians here,” he urged, calling for investment in the country’s development.
In conclusion, while Dangote Industries has decided against entering the steel industry to avoid monopoly accusations, Dangote himself remains committed to fostering economic growth and competition in Nigeria. He calls on other entrepreneurs to take up the mantle and invest in the country’s future.
