Dangote Group will no longer be investing in the steel industry, the group’s chairman Aliko Dangote has said.
Africa’s richest man told journalists at his refinery in Lagos on Saturday that the organisation’s board decided to avoid the steel industry “to prevent accusations of being branded a monopoly”.
Two months ago, the firm announced plans to invest in the steel industry and expand the economy.
This comes amid complaints from Dangote about the unwillingness of international oil companies to supply crude oil so his refinery can begin production.
Addressing claims that he enjoys monopoly, Dangote said, “You know, about doing a new business which we announced, that is, steel. Actually, 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.
“If you look at all our operations at Dangote (Group), we add value; we take local raw materials and turn them into products, and we sell.
“We have never consciously or unconsciously stopped anybody from doing the same business that we are doing.
“When we first came into cement production, it was only Lafarge that was operating here in Nigeria… Nobody ever called Lafarge a monopoly.”
The 67-year-old said he does not have monopoly in the Nigerian market because every business person enjoys level playing field.
Calling on other Nigerians to invest in the country, he said, “Let other Nigerians go and do it. We are not the only Nigerians here. There are some Nigerians with more cash than us.”
He added that Nigerians “should bring that money from Dubai and other parts of the world and invest in our fatherland.”
