Africa’s richest man, Aliko Dangote, has cautioned that persistent allegations of monopoly against his businesses particularly in the petroleum sector could discourage local and foreign investors from committing funds to Nigeria’s economy.
Speaking at an industry forum in Lagos on Monday, the President of the Dangote Group said it was unfair to tag indigenous investors as monopolists simply because they succeed in sectors where others have failed or shown little interest. He stressed that such narratives create an unfriendly investment climate and undermine efforts to build strong domestic industries.
“Whenever a Nigerian entrepreneur ventures into large-scale production or takes bold steps to bridge national supply gaps, people begin to talk about monopoly,” Dangote said. “That kind of thinking kills initiative and sends the wrong signal to potential investors who want to contribute to our economic growth.”
Dangote emphasized that his group’s investments ranging from cement to sugar, fertilizers, and the recently launched Dangote Refinery were driven by a vision to make Nigeria self-sufficient, reduce imports, and create jobs. He said the refinery, with a capacity to meet both domestic demand and export needs, is a strategic national asset rather than a monopolistic venture.
“Instead of celebrating industrial success, we often criticize it. This mentality can push investors away and keep Nigeria dependent on imports,” he added.
The business mogul urged the government and the media to promote policies and narratives that support industrialization, fair competition, and local content development, saying that sustainable growth depends on confidence in homegrown businesses.
Industry experts at the event echoed his concerns, warning that labeling successful Nigerian firms as monopolies could discourage risk-taking and innovation in critical sectors like energy and manufacturing.
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Dangote also called for continued collaboration between the private sector and government regulators to ensure transparent market practices without stifling competition or innovation.
His remarks come amid ongoing debates in policy circles about the dominance of large corporations in key sectors of the economy and the need to strike a balance between competition and industrial protection.
Economic analysts say Dangote’s warning highlights a growing concern among Nigerian investors that negative perceptions and inconsistent policy enforcement could hinder the country’s drive toward industrial self-reliance and economic diversification.