In Defense of Dangote: Why Nigeria’s Industrialization Jewel Deserves Our Support

The recent controversy surrounding Aliko Dangote and his refinery project has sparked intense debate and raised important questions about Nigeria’s industrialization, economic development, and the role of local industries. As the President of the African Development Bank, Akinwunmi Adesina, so eloquently argued, the criticism of Dangote is not only unwarranted but also damaging to Nigeria’s global reputation.

Monopolies often exist due to high barriers to entry and capital costs. Few individuals or companies can invest in railways or refineries on the scale of Dangote. For decades, Nigeria has imported refined petroleum products, making the abnormal seem normal.

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No smart investor would risk $19.5 billion only to be undermined by importers. The sheer scale of Dangote’s investment is a testament to his vision and commitment to Nigeria’s development.

Manufacturing is expensive and risky, especially in Nigeria’s challenging business environment. Policy uncertainties, infrastructure deficits, and a culture of importing have long hindered local industries.

Competition is beneficial, but is Dangote Refineries anti-competitive? There is no evidence to suggest it has prevented others from setting up refineries. Instead, importers should be encouraged to establish local refineries and compete fairly.

Undermining local industries, particularly one of this scale, is self-defeating and harmful to Nigeria. It’s not just about delivering cheap products, but about domestic supply security, job creation, and forex savings. Dangote Refineries has the potential to transform Nigeria’s economy, reduce reliance on imports, and create thousands of jobs.

We must not be short-sighted. Criticizing Dangote sends a negative signal to potential investors, indicating that sacrificing for Nigeria means being sacrificed. Investing is tough, but pettiness is easy. Let us rally behind Dangote and support Nigeria’s industrialization efforts. The future of our country depends on it.