Aliko Dangote, Africa’s richest man and chairman of Dangote Industries Limited, has disclosed that he will no longer continue with plans to enter Nigeria’s steel industry.
His revelation comes two months after his company said it was making plans to invest in the steel industry.
Addressing journalists at his refinery in Lagos this weekend, Dangote said the organisation’s board decided to avoid the steel industry “to prevent accusations of being branded a monopoly”.
“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,” he said.
“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…
Source: Linda Ikeji
