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The President and CEO of Dangote Group, Aliko Dangote, has announced that his company will abandon plans to enter Nigeria’s steel industry.
Speaking at his refinery in Lagos on Saturday, Dangote cited concerns about being labeled a monopoly and the need to import raw materials from overseas, which contradicts the company’s core values.
Dangote urged other Nigerians to invest in the steel industry, highlighting the economic benefits.
This decision marks a significant shift from Dangote’s earlier plans to dominate steel production in West Africa.
The Nigerian government has struggled to revive the steel sector despite numerous attempts, which has left the industry highly underdeveloped.
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