Aliko Dangote: A Titan’s Unfiltered View on Nigeria’s Industrial Future
In a wide-ranging and characteristically bold remarks at different occasions, Aliko Dangote, Africa’s richest man, offered a rare, unfiltered look into the challenges and triumphs of building a multi-billion-dollar industrial empire in Nigeria.
The Economic Confidential provides those views of the founder of the Dangote Group addressing everything from the competence of Nigerian engineers to the vexing issue of monopoly claims, revealing a mindset of relentless ambition and a deep-seated frustration with the status quo.
One of the most striking revelations was Dangote’s emphatic praise for Nigerian professionals. “When we built this refinery, the Nigerian engineers we hired performed better than the Indians,” he declared. This is no idle boast; he revealed that 18 of these same engineers have since been headhunted as expatriates in Qatar, a testament to their world-class skill and expertise. This statement serves as a powerful validation of local talent, a theme that has been a cornerstone of the Dangote Group’s strategy.
On the long-stalled Ajaokuta Steel Company, Dangote was equally direct and unequivocal. He dismissed the ongoing efforts to revive the plant as a fool’s errand. “Ajaokuta Steel Company will not work. We can keep deceiving ourselves and keep being passionate about it, but it’s not possible,” he stated, arguing that the technology is long obsolete and the project is beyond salvage. His words challenge the prevailing political sentiment and underscore his pragmatic, results-oriented approach to business.
Perhaps the most contentious point Dangote addressed was the persistent allegation that his company operates as a monopoly. He met the criticism head-on, inviting his detractors to step into the ring. “Those people who are making noise should also go and set up a plant,” he said. He insisted that while his group does not seek a monopoly, market forces and the sheer scale of his operations make competition difficult for ill-equipped players.
He also provided a candid defense of profit, arguing it is essential for attracting investment. “If we don’t make money, nobody will come into this business,” he explained. He contrasted his company’s operational efficiency with the state-owned Nigerian National Petroleum Company Limited (NNPC) refineries, which he claimed are economically unviable.
“NNPC’s refineries can never ever compete, because the market here is a gasoline market… The more they operate, the more money they lose,” he asserted, citing their low yield of high-value products.
Dangote also revealed that his company is a significant revenue generator for the government, dispelling the notion that he is a sole beneficiary. “For every 1 naira we turn around, the government collects 50 kobo from various taxes. The government collects more money than what we shareholders take as dividends,” he said, framing his business as a “win-win situation” for both the company and the nation.
In a moment of reflection, Dangote revealed that some of Nigeria’s wealthiest individuals prefer to “run to Monaco” rather than endure the “wahala” of building in a tough local environment. He also admitted that his company deliberately avoided going into retail, leaving that market for other players to prevent being labeled a monopoly. “But if they are looking for fights, I have been fighting all my life,” he concluded, signaling his readiness to take on any challenge to protect his legacy.
The Dangote’s remarks paints a picture of a business titan who is not just building industries but also shaping Nigeria’s economic landscape, all while navigating a complex web of political, social, and commercial pressures with a fighting spirit.