The President of the African Development Bank (AfDB), Akinwumi Adesina has reiterated that the dispute that has broken out between NNPC Limited and Dangote Refinery is needless odium for Nigeria. This is at a time that the country should be building partnerships for rapid development, TheMediaGood can report.
President, African Development Bank (AfDB)
Adesina said: “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.”
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.”
In his 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?”