Dangote/NNPC rift creating bad waves for Nigeria globally, says Adesina

By Trek Africa Newspaper

The President of the African Development Bank Akinwumi Adesina says the dispute that has broken out between NNPC and Dangote refinery is needless odium for Nigeria at a time the country should be building partnerships for rapid development.

“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?”

He added, “investing is tough. Pettiness is easy. It sadly sends a signal that the price for sacrificing for Nigeria is to get sacrificed.”

In a statement the head of the continental financial institution 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?”

According to Adesina, “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.