Aliko Dangote Cancels Plans for New Steel Plant in Nigeria Amid Monopoly Accusations
Africa’s richest man, Aliko Dangote, has announced the cancellation of plans to invest in a new steel plant in Nigeria following accusations from federal government that his new refinery seeks to establish a monopoly.
Speaking with journalists on Saturday in Lagos, Dangote said, “Our own board has decided that we should not have the steel plant. If we do, we will be called all sorts of names. Let other Nigerians also go and do it, because we are not the only Nigerians here; there are even some Nigerians with even more cash. They should bring in that money from Dubai and from other parts of the world to come and invest in our own Fatherland.”
Earlier this year, Dangote had revealed plans to commence construction on a 5,000-ton steel plant following the full operational status of his mega-refinery.
The $20 billion Dangote Refinery, which became operational in January, currently produces aviation fuel, naphtha, and diesel, serving as a significant player in the West African market.
