In a passionate plea on social media, former Senator Shehu Sani has called on billionaire Aliko Dangote to reconsider his decision to halt plans for investing in Nigeria’s steel industry.
Sani’s message, posted on X, emphasizes the critical role such an investment could play in the country’s economic development and job creation.
“Dear Dangote, I know you are angry, but please rescind your decision not to invest in Nigeria’s steel industry. Your investment will create thousands of jobs for our young people and help in the industrialisation of the country. Don’t mind those old folks. Thank you,” Sani wrote.
The call comes in the wake of Dangote’s announcement that his company, Dangote Industries Limited, will no longer proceed with its plans to enter the steel industry. This abrupt reversal, declared just two months after the initial investment plans were made public, has stirred significant concern among stakeholders and citizens alike.
During a press briefing at his refinery in Lagos on Saturday, Dangote explained the board’s decision to avoid the steel industry, citing fears of being branded a monopoly. “If we do the steel business, we will be called all sorts of names like monopoly,” he stated. Dangote further expressed frustration over persistent accusations that his conglomerate enjoys undue monopolistic advantages, insisting these claims are unfounded.
“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,” Dangote said. He argued that his company’s operations, which involve adding value to local raw materials and converting them into market-ready products, do not constitute monopolistic behavior. “We have never consciously or unconsciously stopped anybody from doing the same business that we are doing.”
Dangote cited the example of Lafarge, the only other cement producer in Nigeria when his company entered the market. “Nobody ever called Lafarge a monopoly,” he pointed out, noting the unfairness of labeling his enterprise as such.
Despite his grievances, Dangote encouraged other Nigerians to invest in the steel industry, highlighting the need for diversified economic growth. “Let other Nigerians go and do it. We are not the only Nigerians here. There are some Nigerians with more cash than us,” he asserted.
He urged wealthy Nigerians to repatriate funds from abroad and invest in the nation’s industrial sectors.
