Aliko Dangote, the President and Chief Executive Officer (CEO) of the Dangote Group, at a press conference held at his refinery on Saturday in Lagos, has said that the business will give up on its ambitions to join Nigeria’s steel market in order to avoid being called a monopoly.
The business magnate clarified that the board of the company made the decision to stay out of the steel sector in order to avoid being accused of trying to monopolise it.
Continuing, he pointed out that pursuing this project would encourage the importation of raw materials from other countries, which runs counter to the company’s primary goal.
He said: “You know, about doing a new business which we announced, that is, the steel.
“Actually, our own 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 added.
To support the nation’s economy, Dangote, however, asked other Nigerians to make investments in the sector.
He had this to say: “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 own fatherland.”
According to a June story by the local news outlet, Aliko Dangote stated that his company intends to start producing steel soon and that he wants to make sure that all of the steel used in West Africa originates in Nigeria.
He mentioned that the next initiative after the refinery would be to manufacture steel and make sure that Nigeria supplied all of the steel used in West Africa.
He said: “I don’t like people coming to take our solid minerals to process and bring the finished product. We should try and industrialise our continent and take it to the next level.
“I told somebody we are not going to take any break. What we are trying to do is to make sure at least in West Africa, we want to make sure that every single steel that we use will come from Nigeria,” at the time, Dangote had this to say.
Things To Take Cognizance Of
Even under private and public control, Nigeria has made several failed attempts to establish itself as a global leader in the steel manufacturing sector, including the Ajaokuta Steel Plant, Delta Steel Company, Osogbo, and Jos rolling mills.
Similar to oil refineries, the federal government has spent billions throughout many regimes attempting, but failing, to bring the local steel factories back into operation.
During the election campaigns, President Bola Ahmed Tinubu’s administration pledged to see to it that steel production began at the multibillion-dollar Ajaokuta steel complex.
Dangote’s involvement in the industry may have changed everything by bringing in additional money and business opportunities. The richest man in Africa has made a decision, and as a result, the steel industry might continue to suffer from years of underinvestment.
