Aliko Dangote, Chairman of Dangote Group, has announced that his company will no longer invest in Nigeria's steel industry due to concerns about monopoly allegations. This decision comes amid an ongoing dispute with the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) over the Dangote Refinery.

Dangote revealed that his company's board has chosen to avoid the steel industry to prevent accusations of attempting to monopolize it, similar to the claims being made about their operations in the petroleum sector. He stated that the company doesn't want to be called names like "monopoly" and that imports would be encouraged instead.

Dangote encouraged other Nigerians with the financial capacity to invest in the steel industry, saying, "Let other Nigerians go and do it. We are not the only Nigerians here. There are some Nigerians with more cash than us. They should bring that money from Dubai and other parts of the world and invest in our fatherland."

This development marks a significant shift in Dangote Group's investment strategy, as they focus on other sectors and allow others to develop the steel industry.