• About
  • Advertise
  • Contact
Wednesday, September 10, 2025
  • Login
Vital News
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security
No Result
View All Result
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security
No Result
View All Result
Vital News
No Result
View All Result
Home Economy

This Whole Issue On Dangote Refinery Shocking, Creating Bad Waves For Nigeria Globally – Afdb President, Akinwunmi Adesina

Vital News by Vital News
July 23, 2024
in Economy, News, Oil & Gas
0
DANGOTE AND A WAR FORETOLD By  Dare BABARINSA

Dangote Refinery, Lekki, Lagos.

Share on FacebookShare on Twitter

The President of the Africa Development Bank (Afdb), Dr Akinwumi Adesina said current issues surrounding the Dangote Refinery is creating bad waves for Nigeria globally.

Adesina said the accusation if monopoly against Aliko Dangote, the promoter of the refinery is shocking.

He said : ” Monopoly often exists where there are high barriers to entry or high capital costs.

“How many individuals or companies can do railways?

“How many can do refineries of the scale of Dangote Refineries?

RelatedStories

2025 IYD : LASG Promises To Continue To Initiate, Implement Youth – oriented Policies, Programmes

Police Begin Manhunt For Killers Of Three Officers, Two Vigilante In Kogi

Dangote Cement Pays Over N3.3trillion Dividends To Shareholders In 15 years

Alleged $7.2billion Fraud : Ex-NNPC CEO, Mele Kyari In EFCC Custody

“In a nation that has been importing refined petroleum products for several decades, the abnormal simply became very normal.

“No smart investor would make a $19.5 billion investment and want it to be undermined by importers.

“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.

“Competition is good for everyone. But is Dangote refineries anti-competitive? What is the evidence?

“Has Dangote refineries prevented any other company from setting up refineries?

“Why have others not done so? How come they have not done so for several decades? Was it Dangote that held them back?

“But Dangote refineries surely cannot be asked to ‘compete’ with importers of petroleum products.

“That is not competition. Let the importers set up local refineries and compete by refining in Nigeria.

“That is fair and justified competition.

“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, maximizing 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.        (vitalnewsngr.com)

 

Tags: AfdbDangotemonopolyrefinery
Previous Post

Benue Domesticates National Digital Economic Plan

Next Post

Bauchi To Shut Down All Health Centres During Protest – Official

Vital News

Vital News

RelatedStories

2025 IYD : LASG Promises To Continue To Initiate, Implement Youth – oriented Policies, Programmes
National

2025 IYD : LASG Promises To Continue To Initiate, Implement Youth – oriented Policies, Programmes

September 10, 2025
Police Begin Manhunt For Killers Of Three Officers, Two Vigilante In Kogi
Crime

Police Begin Manhunt For Killers Of Three Officers, Two Vigilante In Kogi

September 10, 2025
Dangote Cement Pays Over N3.3trillion Dividends To Shareholders In 15 years
Business

Dangote Cement Pays Over N3.3trillion Dividends To Shareholders In 15 years

September 10, 2025
Alleged $7.2billion Fraud :  Ex-NNPC CEO, Mele Kyari In EFCC Custody
Crime

Alleged $7.2billion Fraud : Ex-NNPC CEO, Mele Kyari In EFCC Custody

September 10, 2025
Photo News : President Bola Tinubu Visits President Emmanuel Macron In France
National

Photo News : President Bola Tinubu Visits President Emmanuel Macron In France

September 10, 2025
Next Post
Bauchi To Shut Down All Health Centres During Protest – Official

Bauchi To Shut Down All Health Centres During Protest - Official

Senate, House Of Reps Embark On Seven – Week Recess

Senate, House Of Reps Embark On Seven - Week Recess

FG Releases N438bln To 34 States, FCT Under NG-CARES

FG Releases N438bln To 34 States, FCT Under NG-CARES

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Follow Us

Recommended

Fashola Flags off N90bln Akure – Ado-Ekiti Road Reconstruction Works

Fashola Flags off N90bln Akure – Ado-Ekiti Road Reconstruction Works

2 years ago

Soludo condoles with Jibril Ahmed, Hausa community over Anambra killings

3 years ago
Yobe Philantrophist, Tumsah Plans More Water Projects For Rural Communities

Yobe Philantrophist, Tumsah Plans More Water Projects For Rural Communities

5 months ago
Ododo Inaugurates Kogi L-PRES Steering And Technical Committee

Ododo Inaugurates Kogi L-PRES Steering And Technical Committee

1 year ago

Instagram

    Please install/update and activate JNews Instagram plugin.

Categories

  • Agriculture/ Water/ Mineral
  • Aviation
  • Business
  • Crime
  • Culture
  • Economy
  • Education
  • Entertainment
  • Environment
  • Football
  • Foreign
  • Gender
  • Health
  • Judiciary
  • Labour
  • National
  • News
  • Oil & Gas
  • Opinion
  • Opinion
  • Politics
  • Power
  • Religion
  • Security
  • Sports
  • Transport
  • Uncategorized

Topics

Abiodun Abuja APC arrest Atiku Bandits Bello Benue Buhari CBN cement Court Dangote death dies drugs Economy EFCC Election elections FG gunmen Hajj INEC Kano kidnap Kill Kogi Kwara Lagos NDLEA Niger Nigeria Ododo Ogun Oyo PDP Police Power refinery rescue road Security students Tinubu
No Result
View All Result

Highlights

Dangote Cement Pays Over N3.3trillion Dividends To Shareholders In 15 years

Alleged $7.2billion Fraud : Ex-NNPC CEO, Mele Kyari In EFCC Custody

A CALL TO SAVE KOGI STATE’S EDUCATIONAL SYSTEM by Friday Ogungbemi

NISO Blames Collapse Of National Grid On Tripping Of A Generation Company

Photo News : President Bola Tinubu Visits President Emmanuel Macron In France

Kogi Police Command Confirms killing Of Three Officers By Gunmen

Trending

2027 : Former APC National Chairman, John Oyegun, Aregbesola, Atiku, David Mark, Obi, Amaechi Team Up Against Tinubu
Politics

INEC Recognises Mark, Aregbesola As New National Officers Of ADC

by Vital News
September 10, 2025
0

The Independent National Electoral Commission (INEC) has formally recognized former Senate President David Mark as the new...

2025 IYD : LASG Promises To Continue To Initiate, Implement Youth – oriented Policies, Programmes

2025 IYD : LASG Promises To Continue To Initiate, Implement Youth – oriented Policies, Programmes

September 10, 2025
Police Begin Manhunt For Killers Of Three Officers, Two Vigilante In Kogi

Police Begin Manhunt For Killers Of Three Officers, Two Vigilante In Kogi

September 10, 2025
Dangote Cement Pays Over N3.3trillion Dividends To Shareholders In 15 years

Dangote Cement Pays Over N3.3trillion Dividends To Shareholders In 15 years

September 10, 2025
Alleged $7.2billion Fraud :  Ex-NNPC CEO, Mele Kyari In EFCC Custody

Alleged $7.2billion Fraud : Ex-NNPC CEO, Mele Kyari In EFCC Custody

September 10, 2025
ADVERTISEMENT
Vital News

Vital News is an online newspaper with a mission to uphold professional journalism by reporting and publishing only facts and figures-based news reports across Nigeria and beyond.

Recent News

  • INEC Recognises Mark, Aregbesola As New National Officers Of ADC September 10, 2025
  • 2025 IYD : LASG Promises To Continue To Initiate, Implement Youth – oriented Policies, Programmes September 10, 2025
  • Police Begin Manhunt For Killers Of Three Officers, Two Vigilante In Kogi September 10, 2025

Categories

  • Agriculture/ Water/ Mineral
  • Aviation
  • Business
  • Crime
  • Culture
  • Economy
  • Education
  • Entertainment
  • Environment
  • Football
  • Foreign
  • Gender
  • Health
  • Judiciary
  • Labour
  • National
  • News
  • Oil & Gas
  • Opinion
  • Opinion
  • Politics
  • Power
  • Religion
  • Security
  • Sports
  • Transport
  • Uncategorized

© 2022 Vital News - . All Rights Reserved.

No Result
View All Result
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security

© 2022 Vital News - Vital News by Vital News.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In