As an investor who once considered Nigeria as a potential investment destination, I find myself increasingly skeptical. Let me explain why.
Firstly, it’s disheartening to witness the richest black man in the world, Aliko Dangote, facing stifling challenges and ridicule within his own country. While other nations like China and America are minting millionaires and billionaires, Nigeria seems to be producing poverty rather than prosperity.
Tinubu and his associates manage the country, and their track record doesn’t inspire confidence. Dangote, despite his immense wealth, isn’t my ideal dollar billionaire. His monopoly and government patronage since 1999 raise eyebrows. But the issue goes beyond personal preferences.
The Dangote Refinery, a critical energy infrastructure project, faces demarketing efforts orchestrated by the Nigerian government. This isn’t just sabotage; it’s a national security threat. Energy security matters to every nation, yet Nigeria’s regulator makes wild accusations on television without accountability.
The Bola Tinubu-led government’s lack of seriousness about foreign direct investments (FDIs) is concerning. With such a regulator, serious investments in Nigeria’s oil and gas sector become unlikely.
Dangote himself has voiced concerns about crude supply, high interest rates, unfavorable exchange rates, and manipulations by international oil companies (IOCs). The Nigerian National Petroleum Corporation (NNPC) even backed out of its planned 20% stake in the Dangote Refinery.
All signs point to a Cold War between Dangote and Tinubu, hindering investment prospects. As an investor, I care less about political power plays and more about the refinery benefiting the public. Is the Federal Government of Nigeria inadvertently sabotaging this critical project? It’s a question that deserves urgent attention.
