Akinwumi Adesina, President of the African Development Bank Group (AfDB), has warned that ongoing criticism of Aliko Dangote and his refinery could harm Nigeria’s investment climate. Adesina emphasized that no prudent investor would undermine a $19.5 billion investment, as alleged by importers against Dangote. The criticism arises from a dispute between Dangote and the Nigerian National Petroleum Company Limited (NNPCL) and petroleum regulatory authorities over alleged substandard diesel production by Dangote’s refinery.
Adesina noted that such controversies paint Nigeria negatively on the international stage and dismissed accusations of Dangote monopolizing the manufacturing sector. He highlighted the significant barriers to entry and high capital costs involved in large-scale projects like railways and refineries, pointing out that Dangote’s investments are exceptional due to these challenges.
Adesina’s comments were echoed by business mogul Femi Otedola, who posted a statement on X, emphasizing the risk and expense involved in manufacturing in Nigeria’s challenging business environment. Otedola criticized the disparagement of Dangote, calling it self-defeating and harmful to Nigeria’s attractiveness to foreign investors. He argued that undermining the country’s largest investor sends a negative signal, discouraging potential investments in the nation.