Dangote Warns Against ‘Monopoly’ Tag, Says Nigeria Open To Investment

Nigeria’s leading industrialist, Aliko Dangote, has urged the government and public not to use accusations of monopoly to discourage home-grown investments.

He stated this at the Inaugural Annual Downstream Petroleum Week held at the National Assembly in Abuja

Mr Dangote, who was represented by his Group Chief Strategy Officer, Aliyu Suleman, maintained that local companies must be supported to drive industrial growth.

He explained that critics who accuse the Dangote Refinery of monopolising the petroleum sector are misguided, noting that Nigeria remains open for private investment.

“We have chosen to build, employ and produce in Nigeria,” he said. “No one is barred from investing. We invite others to build their own refineries.”

Mr Dangote said the refinery could meet Nigeria’s entire demand for diesel and jet fuel and still export the surplus.

He announced that plans were underway to list the company on the stock exchange to enable Nigerians own shares.

Dangote also noted that Africa’s refining capacity remains poor, with only about 40% of crude processed locally, compared with over 95% in Europe and Asia.

“Building a world-class refinery is never easy,” he said. “It requires vision, investment and persistence.”

He also urged lawmakers to protect domestic industries from “unfair competition” caused by cheaper imports, especially from countries where crude is discounted due to sanctions.

Oduyemi Odumade, Edited By Grace Namiji