AfDB Chief Adesina defends Dangote, warns against public attacks on Nigerian business leaders

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The President of the African Development Bank (AfDB), Akinwumi Adesina, has waded into the debate surrounding Nigerian business magnate, Aliko Dangote. Adesina’s comments come in response to recent criticism of Dangote, with some questioning his business practices and impact on the Nigerian economy.

In a statement shared by businessman Femi Otedola on Tuesday via X, Adesina expressed his shock at the controversy surrounding Dangote’s operations, warning that it is “creating bad waves for Nigeria globally.”

According to Otedola’s post, Adesina argued that monopolies often arise in industries with high entry barriers or capital costs, citing railways and large-scale refineries as examples.

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He was quoted as saying, “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? In a nation that has been importing refined petroleum products for several decades, the abnormal simply became very normal.”

Adesina’s statement highlights the ongoing debate about the role of wealthy individuals and corporations in African development. While some celebrate their contributions, others question their impact on wealth distribution and social justice.

Tags: AfDB, Aliko Dangote, Nigeria, Akinwumi Adesina, African Development Bank, Business, Monopoly, NNPCL, Mele Kyari, Bola Tinubu