In a surprising turn of events, Aliko Dangote, President of Dangote Group, announced the company’s decision to halt plans for investing in Nigeria’s steel industry.
Thank you for reading this post, don't forget to subscribe!At his refinery in Lagos, Dangote explained that concerns about potential accusations of monopolistic behavior were the main reason for the board’s unanimous decision.
“We have opted not to venture into the steel business to avoid any monopoly allegations,” Dangote clarified during a press interaction.
According to Vanguard, he further asserted that such accusations were baseless, highlighting the company’s commitment to fair competition and support for local industries.
Drawing parallels to Dangote Group’s successful entry into the cement sector, Dangote referenced Lafarge’s prior market dominance without facing monopoly charges.
“He affirmed, “We support healthy competition and have never obstructed others from entering the same field.”
The decision underscores Dangote Group’s strategy to maintain a balanced competitive landscape in Nigeria’s industrial sector while leveraging local resources to add significant value.
Dangote emphasized the company’s proactive stance against encouraging excessive imports, reinforcing their dedication to transforming indigenous raw materials into finished products.
