Critics have been cautioned by billionaire businessman Aliko Dangote that their allegations of monopoly in the petroleum industry could impede domestic investment in the country’s economy.
At the House of Representatives Committee on Petroleum Resources’ (Downstream) Inaugural Annual Downstream Petroleum Week in Abuja on Monday, Dangote expressed his worries.
The Kano-born entrepreneur, represented by Aliyu Suleiman, Group Chief Strategy Officer of Dangote Industries Limited, advocated for policies that promote competition, innovation, and productivity in key economic sectors.
Dangote stated, “Too many people with the means to build industries chose instead to invest abroad,” in reference to the problem of monopoly in the refining of crude oil. We made a distant decision that didn’t significantly boost our economy. We made a different decision. Nigeria is our destination of choice. We have made the decision to construct, hire, and manufacture locally. Let’s avoid halting expansion with the monopoly cry. Investing is open to everyone.
“We will provide assistance in whatever manner we can, and we encourage others to construct their own refineries.
When it comes to refining, Nigeria has a natural competitive advantage. We benefit from being close to gas and oil supplies. Therefore, we ought to collaborate in order to grow this industry.
“We should endeavor to pass and put into effect legislation that will support the growth of this industry. Let’s safeguard our industries and bring about the economic change this nation so richly needs.
He asserts that the Dangote Refinery can supply the country’s needs for jet fuel, premium motor spirit, and diesel while also having extra for export.
He went on to say that the refinery would soon be listed on the stock exchange, allowing Nigerians to purchase equity.
According to him, the refining industry in Africa is still in its infancy when compared to the continent’s crude production and consumption.
