Prominent media publisher Dele Momodu has voiced concerns over the discouragement of both local and foreign investors in Nigeria.
Speaking on Channels Television’s “Politics Today” on Monday, July 22, 2024, Momodu highlighted the ongoing dispute between the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and the Dangote Refinery, owned by Aliko Dangote.
Momodu stressed that the conflict could have broader negative impacts on the Nigerian economy, creating a negative perception among potential investors. “It’s almost like it is a crime to be an investor in Nigeria,” he remarked, urging for discreet resolution of such issues to avoid deterring investments.
Praising Dangote’s investments across Africa, including in Ethiopia, Zambia, and Tanzania, Momodu noted that these nations make efforts to support his businesses. He emphasized the need for Nigeria to adopt a similar approach to retain and encourage its businessmen.
“The whole social media is awash and abuzz with the issue of this Dangote refinery issue,” Momodu stated. “Mr President, in this season of anomie in Nigeria, you need all the friends you can get in the private sector. 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.”
Momodu warned that other business people in Nigeria might become apprehensive, fearing similar treatment. “If this can happen to Dangote, it can happen to me,” he quoted, highlighting the potential panic among investors. He urged the government to avoid actions that could exacerbate the situation, stressing that the country cannot afford such economic instability at this time.
