DANGOTE: Dele Momodu cautions against anti-investor policies as Nigeria battles economic crisis

Social commentator and Ovation Magazine publisher, Dele Momodu, on Monday, expressed concern over the recent public spat between the Nigerian Midstream and Downstream Petroleum Authority and Dangote Refinery’s management, warning that it may deter local and foreign investors from doing business in Nigeria.
Appearing on Channels Television’s Politics Today, Momodu urged the government to resolve the issue discreetly, stating that publicizing the dispute could have far-reaching consequences for the economy.
He emphasized the significance of encouraging investors, citing Aliko Dangote’s substantial investments in Nigeria and other countries.
“It’s almost like it is a crime to be an investor in Nigeria. I saw the reports in the Financial Times, Bloomberg and others. It will not help Nigeria.
“I don’t know who has grudges to bear with him. He should call him into a bedroom. Let them go and settle it behind closed doors. We cannot afford to wash this dirty linen in public. It is going to boomerang for all of us. That is my attitude.
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“I believe this man has invested so much in Nigeria, just like other people. We have a lot of good businessmen in Nigeria who are doing great things. We should encourage them and not allow them to run away. Now, he said one of his friends is laughing at him because he warned him not to put all his eggs in one basket.
“I have seen other countries where Dangote invested. I have been to his plants in Ethiopia, Zambia and Tanzania. I can see the effort those countries are making to accommodate him there. We should not chase our businessmen away.
“I am sure other business people in Nigeria are watching. They might say, ‘hey, if this can happen to Dangote, it can happen to me.’ And everybody will be scared. We should not create this panic. We can’t afford this at this time,” Momodu warned.
Momodu’s concerns come as the Federal Government intervenes in the face-off between Gangote and the regulatory agency highlighting the need for a harmonious business environment to attract and retain investors.
His warnings suggest that Nigeria’s economic crisis may be exacerbated by anti-investor sentiment, potentially scaring off potential business opportunities.
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