In an interview with the state-owned National Television Authority (NTA) on Thursday, February 22, Hon. Augustine Ike, a member of the Anambra State House of Assembly, pointed fingers at both the Dangote Group and the Nigerian government for the current economic challenges gripping the nation.
Ike accused both entities of collaborating to create artificial scarcity in commodities and fostering an environment of unhealthy and unbalanced competition among major market players, which has exacerbated economic turmoil nationwide.
He highlighted the peril of operating under what he termed a “dangerous monopoly” dominated by Dangote PLC, suggesting that the conglomerate’s influence has become pervasive across Nigeria.
Ike drew attention to specific instances, such as the fuel shortage exacerbated by the removal of subsidies, which he suggested might align with the interests of Dangote’s refinery, built with a loan facilitated by the Central Bank of Nigeria (CBN).
Expressing dismay over government support for private refinery ventures while state-owned facilities languish, Ike criticized policies that seemingly subsidize forex for Dangote while forcing competitors to navigate the parallel market for currency.
Addressing the soaring cost of cement, Ike criticized government actions that appear to favor Dangote’s monopoly in the cement sector, asserting that local manufacturers are left to struggle with inadequate support while facing competition from imports.
He emphasized that Nigeria’s challenges are not inherent but rather engineered for the benefit of certain privileged individuals and corporations, underscoring the need to foster healthy competition and dismantle monopolistic structures.
In proposing solutions, Ike advocated for market liberalization, urging authorities to grant licenses to multiple players to import essential goods like rice and cement. He emphasized the importance of empowering consumers with choices and promoting fair competition to stimulate economic growth and alleviate hardship.