President, African Development Bank (AfDB), Dr. Akinwunmi Adesina, has issued a strong warning against the disparaging remarks aimed at Dangote Petroleum Refinery Limited and its founder, Alhaji Aliko Dangote. In a statement released yesterday, Adesina expressed concern that the negative attention is detrimental to Nigeria’s investment prospects and its global reputation.
Adesina emphasised that the attacks on Dangote are not only unjustified but also counterproductive, as they create a hostile environment for investors. He argued that such disparagement undermines the country’s largest investor and sends a troubling message to potential investors. “Investing is tough, and pettiness is easy. It sadly sends a signal that the price for sacrificing for Nigeria is to get sacrificed,” Adesina stated.
The AfDB President pointed out that monopolies typically emerge in sectors with high barriers to entry or significant capital requirements, such as railways and large-scale refineries. He noted that Nigeria has long depended on imported refined petroleum products, and Dangote’s $19.5 billion investment is a significant and risky venture in a challenging business environment.
Adesina questioned whether Dangote’s refinery is truly anti-competitive and challenged critics to provide evidence. He asked why other companies have not established similar refineries if they are feasible.
He highlighted that competition should not be about undermining local industries but rather about fair and just opportunities. “If importers want to compete, let them establish local refineries,” he said.
He stressed that supporting local industries like Dangote’s refinery is crucial for Nigeria’s economic growth. Such projects are not just about delivering affordable products but also about ensuring domestic supply security, fostering competitive industries, creating jobs, reducing foreign exchange expenditures, and strengthening the Naira.
Adesina concluded by urging against the undermining of local industrial champions, underscoring the broader benefits that such investments bring to Nigeria’s economy and its global standing.
Source: The Sun
