Nigerian investor and businessman Aliko Dangote has announced the cancellation of his plans to invest in a new steel plant in Nigeria. He made this decision shortly after his business group was accused of monopolistic practices in the petroleum sector.
Speaking at a media briefing at the refinery in Lagos, Dangote stated, “Our board has decided to scrap the steel plant project to avoid any misconceptions about our intentions.” He emphasised that the company aims to avoid being perceived as attempting to monopolise the industry. He also denied market dominance.
Dangote’s refinery, set to commence operations in August, will focus on producing gasoline and 10 ppm diesel. The project has been hailed as a significant milestone in Nigeria’s energy sector.
