In order to avoid being labeled a monopoly, the Dangote Group, led by Aliko Dangote, President and CEO, has declared that the company will drop its plans to enter Nigeria’s steel industry.
While speaking to reporters at his refinery in Lagos on Saturday, Dangote disclosed this information in a statement. 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 monopolize it.
In addition, 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.
“You know, about doing a new business, which we announced, that is, 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 imports will also be encouraged. So we don’t want to go into that,” he said.
Dangote, however, 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 own fatherland,” the CEO added.
