Aliko Dangote, Africa’s richest man, has clarified that his $20 billion refinery project received no government incentives.
He made this known during a meeting with the House of Representatives leadership, led by Speaker Tajudeen Abbas and Deputy Speaker Benjamin Kalu.
Dangote emphasized that his company paid $100 million for the land, debunking claims of favoritism. “We did not collect one single incentive from the Federal Government or Lagos State. We paid $100m for the land; it wasn’t free,” he stated.
Addressing allegations of monopoly, Dangote explained that his group adds value to local raw materials, producing products that benefit the economy. He cited the example of cement production, where multiple companies operate freely.
Dangote expressed disappointment at the misconceptions surrounding his business, emphasizing the level playing field in the industry. “Monopoly is when you stop people through legal means. No, it’s a level playing field; whatever Dangote was given, others were given too,” he said.
The refinery project, valued at $20 billion, is a significant investment in Nigeria’s oil and gas sector. Dangote’s clarification comes as a response to concerns about government support and market dominance.
