The decision was made because the government was worried that Dangote’s new refinery in the country would give him an unfair edge over other companies.
Dangote’s new refinery investment
“The board of directors has decided we don’t need the steel plant.”
“People will call us all kinds of names if we do,” the President and CEO of Dangote Group said at a press conference at the refinery in Lagos on Saturday.
Dangote asked other wealthy Nigerians to put their money into spending in their own country instead of sending it to places like Dubai.
He thinks they can make a big difference in the country’s economic growth and wealth by doing this.
“Other Nigerians should go execute it.” Nigerians are here in large numbers.
Call for fellow Nigerian’s investment
Others in Nigeria have more money than we do. “They ought to bring that cash from Dubai and other places and put it to work in our country,” he replied.
Dangote has already said that his company wants to start making steel, aiming to make Nigeria the primary steel source
He stressed that he wanted to industrialize and progress the land by processing solid minerals instead of hiring outside companies.
Dangote talks about industrialization
Dangote made it clear that he wants all steel used in West Africa to come from Nigeria.
After the opening of his industrial project, he made this statement.
The head of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Farouk Ahmed, said last week that Dangote had asked for a complete stop to all fuel imports into the country.
Mr. Farouk said this in a film released by State House media on Thursday.
He noted that Dangote asked him to do this so that all oil marketers in the country would only buy fuel from his refinery.
Besides that, he said the agency wouldn’t agree to the request because they didn’t want a monopoly and were worried about the oil quality made by the Lagos plant.
