African Development Bank Group President Akinwumi Adesina has come out in strong support of the Dangote Refinery, criticising the controversy surrounding its operations as “creating bad waves for Nigeria globally.”
Gatekeepers News reports that Adesina expressed shock at the concerns, stating that monopolies often arise in industries with high entry barriers or capital costs, such as railways and large-scale refineries.
He emphasised the significant investment made by Dangote, saying, “No smart investor would make a $19.5 billion investment and want it to be undermined by importers.”
Adesina highlighted the challenges of manufacturing in Nigeria, citing policy uncertainties and reversals.
Addressing concerns about anti-competitive practices, Adesina asked, “Is Dangote refineries anti-competitive? What is the evidence? Has Dangote Refineries prevented any other company from setting up refineries?” He stressed that the refinery’s impact goes beyond delivering the cheapest product, citing domestic supply security, job creation, and reducing forex expenses.
Adesina warned against undermining local industries, stating, “This whole disparaging of Dangote is uncalled for. It is self-defeating. And it is very bad for Nigeria. Who will want to come and invest in a country that disparages and undermines its own largest investor?”
