Akinwumi Adesina condemns the Dangote/NNPC dispute, calling it detrimental to Nigeria's investment prospects. He argues that undermining major investors like Dangote harms the country’s economic future and deters potential investment. Adesina emphasizes the need to support local industries and fair competition to boost Nigeria's development.
In a recent statement, Akinwumi Adesina, President of the African Development Bank, has sharply criticized the ongoing dispute between Nigeria’s National Petroleum Corporation (NNPC) and the Dangote Refinery. Adesina decried the conflict as a damaging development for Nigeria, particularly at a time when the country should be focusing on building strategic partnerships to foster rapid growth.
Adesina labeled the disparagement of Dangote, a major investor in Nigeria’s oil sector, as both "needless" and "self-defeating." He emphasized that such conflicts could deter potential investors, sending a negative signal about Nigeria’s investment climate. Adesina argued that the country should support its significant investments rather than undermine them, stressing that manufacturing on the scale of Dangote Refineries is a substantial and risky endeavor, especially in Nigeria’s challenging economic environment.
Highlighting the rarity of large-scale investments like Dangote’s $19.5 billion refinery, Adesina pointed out that such ventures are crucial for reducing reliance on imported refined products. He criticized the default reliance on imports and called for fair competition, suggesting that if importers wish to compete, they should invest in local refineries.
Adesina’s remarks underscore the importance of supporting local industries, which play a critical role in ensuring domestic supply security, job creation, and strengthening the national currency. He urged Nigerians to recognize the value of such investments and avoid actions that could undermine the country’s industrial progress.
