Chairman of Dangote Industries Limited, Aliko Dangote, says the company will no longer continue with plans to enter Nigeria’s steel industry.
Dangote’s threat comes two months after his company said it was making plans to invest in the steel industry and expand the economy. Addressing journalists at his refinery in Lagos on Saturday, the billionaire said the organization’s board decided to avoid the steel industry “to prevent accusations of being branded a monopoly”.
Dangote also said the claim in some quarters that his group of companies enjoys a monopoly is not true.
He said labeling his group of companies as monopolistic is disheartening. Dangote, however, encouraged Nigerians to invest in the industry to help boost the country’s economy.