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Aliko Dangote, chairman of Dangote Industries, announced the company will not proceed with its planned steel investment. The decision aims to avoid accusations of monopoly and encourage broader investment in Nigeria’s steel sector. Dangote emphasized that his company does not engage in monopolistic practices and calls for diverse investments.

Aliko Dangote, the chairman of Dangote Industries Limited, has announced that his company will no longer pursue plans to invest in Nigeria’s steel industry. This decision marks a significant shift from the company's earlier intention to enter and expand within the sector.

Speaking to journalists at his refinery in Lagos, Dangote explained that the board's decision to withdraw from the steel venture was driven by concerns about potential monopoly accusations. He stressed that the label of being a monopoly could arise if Dangote Industries, a dominant player in various sectors, moved into steel production. Dangote countered claims of his company's monopolistic practices, asserting that his business operations are competitive and that he has never obstructed others from entering the same market.

Dangote pointed out that when Dangote Industries first entered cement production, there was only one other major competitor, Lafarge. Despite this, Lafarge was not labeled a monopoly, which underscores Dangote's frustration with the unfair perception of his company.

The billionaire urged other Nigerians with substantial capital to invest in the steel industry to help boost the country's economy, rather than relying on his company. He encouraged individuals with financial resources from abroad to channel their investments into Nigeria, emphasizing the need for a diversified and competitive market.

Dangote's move reflects his commitment to fair competition and his broader vision for Nigeria’s economic growth, even as he steps back from this particular investment.