President of the African Development Bank (AfDB) Group Akinwumi Adesina has knocked oil regulators in Nigeria for the treatment given to Africa’s richest man Aliko Dangote over his $20 billion refinery in Lagos.
Adesina, in a statement shared by businessman Femi Otedola on Tuesday via X, warned that the development was creating “bad waves for Nigeria globally.”
He said Dangote cannot be accused of being a monopoly because he did not stop anyone from building a refinery as well.
The AfDB boss emphasised the significant investment made by Dangote, stating, “No smart investor would make a $19.5 billion investment and want it to be undermined by importers.”
He highlighted manufacturing challenges in Nigeria, describing the business environment as fraught with policy uncertainties and reversals.
“To manufacture is extremely expensive and risky. This is even more so in Nigeria, given the very challenging business and economic environment, fraught with policy uncertainties and policy reversals, and where the self-defeating default mode of “simply import it” is always so easily rationalized and chorused to solve any problem,” he said.
Adesina stressed the broader economic implications of the refinery, stating, “We cannot and must not undermine, disparage or kill local industries, talk less of one that is of this scale — a jewel of industrialisation in Nigeria. It is more than simply delivering the cheapest product to the market.
“It is about domestic supply security, driving (and yes, protecting) globally competitive industries, maximising forward and backward linkages in the local economy, job creation, reducing forex expenses and shoring up the Naira. We must not be myopic.
“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? Investing is tough. Pettiness is easy. It sadly sends a signal that the price for sacrificing for Nigeria is to get sacrificed.”
