By Abiola Olawale
Africa’s richest man and the President and Chief Executive Officer (CEO) of Dangote Group, Alhaji Aliko Dangote, has revealed that he would no longer invest his resources in the steel industry of Nigeria.
The business tycoon explained that the development is coming amid accusations that he is trying to monopolise every business sector in the country.
Dangote who made this disclosure while addressing journalists at his refinery in Lagos state weekend also pinpointed out that investing in the steel industry would involve encouraging the importation of raw materials from overseas, which contradicts the firm’s core mandate
He said: “You know, about doing a new business which we announced, that is, the 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.”
Dangote, however, urged other Nigerians who have hidden their funds and resources abroad to invest in the industry to help boost the country’s economy.
He continued: “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 motherland,” the CEO added.
The New Diplomat reports that in June, Dangote announced his decision to delve into steel production.
He explained that his decision was hinged on his commitment to ensuring that every steel used in West Africa comes from Nigeria.
He had noted that the next venture after the refinery project would be in steel manufacturing and ensure that all steel products used in West Africa come from Nigeria.
However, since the announcement, allegations emerged from some quarters that Dangote was plotting to monopolise every sector in the country.
