Dele Momodu, the publisher of Ovation Magazine, has raised concerns about the discouragement of both local and foreign investors in Nigeria.
Speaking on Channels Television’s “Politics Today” on Monday, Momodu noted the ongoing dispute between the Nigerian Midstream and Downstream Petroleum Authority and the Dangote Refinery.
He stressed that the crisis is affecting Aliko Dangote, the owner of the refinery, and could have broader negative impacts on the Nigerian economy.
Momodu expressed his worries about the negative perception this conflict could create, stating, “It’s almost like it is a crime to be an investor in Nigeria.”
He stressed the importance of resolving such issues discreetly to avoid deterring potential investors.
He praised Dangote’s investments in Nigeria and other African countries, noting that nations like Ethiopia, Zambia, and Tanzania are making efforts to accommodate and support his businesses.
He said, “The whole social media is awash and abuzz with the issue of this Dangote refinery issue. Instead of me rehashing what people are saying, let me just tell you my own solution. Mr President, in this season of anomie in Nigeria, you need all the friends you can get in the private sector.
“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.
“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.
