Aliko Dangote Abandons Steel Plant Plans in Nigeria

Aliko Dangote, Africa's richest man, has decided to cancel plans to invest in a new steel plant in Nigeria due to allegations of seeking a monopoly following the launch of his refinery. The Nigerian government accused Dangote of monopolistic intentions related to diesel and aviation fuel imports. Dangote's board opted to avoid the steel industry to prevent such accusations and potential import reliance. Despite stepping back from steel, Dangote encouraged other Nigerians to invest in the sector to boost the country's economy. Dangote aims to focus on ensuring all steel used in West Africa originates from Nigeria, emphasizing the need for local industrialization and self-sufficiency.