By Ayinde Muhammed
Nigeria business mogul and Africa’s wealthiest man, Aliko Dangote, has scrapped the plans to invest in a new steel plant in Nigeria.
Dangote made the statement while confirming his company’s decision not to invest in steel production as a result of wide spread allegations that the Nigerian economy has been monopolized for the Dangote group.
“Our own board has decided that we should not have the steel plant. If we do, we will be called all sorts of names,” the President and Chief Executive Officer of Dangote Group said at a media briefing Saturday at the refinery in Lagos.
He appealed to other wealthy Nigerians to prioritise investing in their homeland, rather than funnelling their resources into international locations such as Dubai.
“Let other Nigerians go and do it. We are not the only Nigerians here. There are some Nigerians with more cash than us. They should bring that money from Dubai and other parts of the world and invest in our own country,” he said.
Dangote had earlier revealed that his company is planning to venture into steel production, aiming to make Nigeria the primary source of steel for West Africa.
He emphasised his desire to industrialise and advance the continent by processing solid minerals locally, rather than relying on foreign entities to do so.
Dangote stressed that his goal is to ensure that all steel used in West Africa is sourced from Nigeria.
