{"id":331930,"date":"2024-07-21T15:50:36","date_gmt":"2024-07-21T14:50:36","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=331930"},"modified":"2024-07-21T15:50:36","modified_gmt":"2024-07-21T14:50:36","slug":"dangote-halts-steel-investment-over-disheartening-accusation-of-monopoly","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2024\/07\/21\/dangote-halts-steel-investment-over-disheartening-accusation-of-monopoly\/","title":{"rendered":"Dangote Halts Steel Investment Over &#8216;Disheartening&#8217; Accusation of Monopoly"},"content":{"rendered":"<ul>\n<li><strong> Dangote also said the assertions in some quarters that his group of companies enjoy monopoly are completely false<\/strong>.<\/li>\n<\/ul>\n<hr \/>\n<p>Aliko Dangote, chairman of Dangote Industries Limited, says he will no longer move forward with his plan to invest in the Nigeria\u2019s steel industry.<\/p>\n<p>Dangote\u2019s decision to pull the plug on the massive project comes two months after his company disclose that plans were underway to enter the steel industry and expand the economy.<\/p>\n<p>He announced the decision to shelve the steel investment plan during a media briefing in Lagos on Saturday at his refinery.<\/p>\n<p>The billionaire said the organisation\u2019s board decided to avoid the steel industry \u201cto prevent accusations of being branded a monopoly\u201d.<\/p>\n<p>Dangote also said the assertions in some quarters that his group of companies enjoy monopoly are <a href=\"https:\/\/www.withinnigeria.com\/news\/2024\/07\/21\/monopolistic-tag-hurtful-weve-never-stopped-anyone-from-doing-business-dangote\/\">completely false<\/a>.<\/p>\n<p>\u201cYou know, about doing a new business which we announced, that is, steel. Actually, our board has decided that we shouldn\u2019t do the steel because if we do the steel business, we will be called all sorts of names like monopoly,\u201d he said.<\/p>\n<p>\u201cAnd then also, imports will be encouraged. So we don\u2019t want to go into that.<\/p>\n<p>\u201cIf you look at all our operations at Dangote (Group), we add value; we take local raw materials and turn them into products, and we sell.<\/p>\n<p>\u201cWe have never consciously or unconsciously stopped anybody from doing the same business that we are doing.<\/p>\n<p>\u201cWhen we first came into cement production, it was only Lafarge that was operating here in Nigeria\u2026 Nobody ever called Lafarge a monopoly,\u201d he said.<\/p>\n<p>He said labelling his group of companies as monopolistic is disheartening.<\/p>\n<p>\u201cMonopoly is when you stop people, you block them through legal means. No, it is a level playing field whereby whatever Dangote was given in cement, for example, other people were given because some of them even got more than us,\u201d he added.<\/p>\n<p>Dangote, however, encouraged Nigerians to invest in the industry to help boost the country\u2019s economy.<\/p>\n<p>\u201cLet other Nigerians go and do it. We are not the only Nigerians here. There are some Nigerians with more cash than us,\u201d the billionaire said.<\/p>\n<p>Dangote said people \u201cshould bring that money from Dubai and other parts of the world and invest in our fatherland\u201d.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Dangote also said the assertions in some quarters that his group of companies enjoy monopoly are completely false. Aliko Dangote, chairman of Dangote Industries Limited, says he will no longer move forward with his plan to invest in the Nigeria\u2019s steel industry. Dangote\u2019s decision to pull the plug on the massive project comes two months [&hellip;]<\/p>\n","protected":false},"author":39,"featured_media":221385,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":{"source_name":"","source_url":"","via_name":"","via_url":"","override_template":"0","override":[{"template":"2","single_blog_custom":"211693","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"top","share_float_style":"share-monocrhome","show_share_counter":"1","show_view_counter":"0","show_featured":"1","show_post_meta":"1","show_post_author":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"1","show_post_reading_time":"1","post_reading_time_wpm":"300","show_zoom_button":"1","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"0","show_prev_next_post":"0","show_popup_post":"0","number_popup_post":"1","show_author_box":"0","show_post_related":"0","show_inline_post_related":"1"}],"override_image_size":"0","image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post":"0","trending_post_position":"meta","trending_post_label":"Trending","sponsored_post":"0","sponsored_post_label":"Sponsored by","sponsored_post_name":"","sponsored_post_url":"","sponsored_post_logo_enable":"0","sponsored_post_logo":"","sponsored_post_desc":"","disable_ad":"0"},"jnews_primary_category":{"id":"","hide":""},"jnews_override_bookmark_settings":{"override_bookmark_button":"0","override_show_bookmark_button":"0"},"jnews_override_counter":{"override_view_counter":"0","view_counter_number":"0","override_share_counter":"0","share_counter_number":"0","override_like_counter":"0","like_counter_number":"0","override_dislike_counter":"0","dislike_counter_number":"0"},"footnotes":""},"categories":[16587,2],"tags":[5323,77000,303,81464],"class_list":["post-331930","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-national","tag-dangote","tag-monopoly","tag-nigeria","tag-steel-investment"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Dangote Halts Steel Investment Over &#039;Disheartening&#039; Accusation of Monopoly<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.withinnigeria.com\/news\/2024\/07\/21\/dangote-halts-steel-investment-over-disheartening-accusation-of-monopoly\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Dangote Halts Steel Investment Over &#039;Disheartening&#039; Accusation of Monopoly\" \/>\n<meta property=\"og:description\" content=\"Dangote also said the assertions in some quarters that his group of companies enjoy monopoly are completely false. Aliko Dangote, chairman of Dangote\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.withinnigeria.com\/news\/2024\/07\/21\/dangote-halts-steel-investment-over-disheartening-accusation-of-monopoly\/\" \/>\n<meta property=\"og:site_name\" content=\"NEWS PICKS \u2014 WITHIN NIGERIA\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/facebook.com\/withinnigeria\" \/>\n<meta property=\"article:published_time\" content=\"2024-07-21T14:50:36+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.withinnigeria.com\/news\/wp-content\/uploads\/sites\/5\/2022\/10\/kunlenet07\/2022\/10\/12\/Dangote-factory-.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"533\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Afolabi Hakim\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Afolabihakim\" \/>\n<meta name=\"twitter:site\" content=\"@withinnigeria\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Afolabi Hakim\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\\\/\\\/www.withinnigeria.com\\\/news\\\/2024\\\/07\\\/21\\\/dangote-halts-steel-investment-over-disheartening-accusation-of-monopoly\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.withinnigeria.com\\\/news\\\/2024\\\/07\\\/21\\\/dangote-halts-steel-investment-over-disheartening-accusation-of-monopoly\\\/\"},\"author\":{\"name\":\"Afolabi Hakim\",\"@id\":\"https:\\\/\\\/www.withinnigeria.com\\\/news\\\/#\\\/schema\\\/person\\\/11c3572b598054b7529a9e48ca435c27\"},\"headline\":\"Dangote Halts Steel Investment Over &#8216;Disheartening&#8217; 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