President Brice Oligui Nguema of Gabon has extended an invitation to Aliko Dangote, CEO of Dangote Industries Limited, to explore investment opportunities in Gabon’s cement and fertilizer sectors.
This development comes after Dangote abandoned plans to invest in Nigeria’s steel industry due to allegations of monopoly. Aliko, Africa’s wealthiest individual, had intended to build a new steel plant in Nigeria but scrapped the plan following government concerns about monopolistic advantages.
During a meeting with President Nguema, the business mogul was encouraged to invest in the country’s cement and fertilizer sectors, including urea and phosphate production.
Meanwhile, the billionaire has urged fellow Nigerians to prioritize investing in their homeland, rather than channeling resources into international locations like Dubai. He emphasized the need to contribute to Nigeria’s economic development and prosperity.
Aliko’s company had previously planned to enter the steel industry, with the goal of making Nigeria the leading steel supplier in West Africa.. However, the plan was abandoned due to concerns about monopoly.
In a related development, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) revealed that the businessman had requested a total suspension of fuel importation into Nigeria, seeking to ensure that all oil marketers patronize his refinery for fuel. The agency rejected the request, citing concerns about product quality and monopolistic practices.
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