Former Rivers State governorship candidate and All Progressives Congress chieftain, Tonye Cole, has issued a strong warning about the dangers of allowing monopolies to dominate the Nigerian economy.
Speaking during an appearance on Channels Television’s Politics Today on Friday, Cole emphasised that competition is essential for sustainable economic growth and national prosperity.
His comments come amid an ongoing trade dispute between the Dangote Refinery and the Nigeria Union of Petroleum and Natural Gas Workers.
Tonye Cole pointed to the business practices of Aliko Dangote, noting a recurring tendency toward monopolistic control in key sectors such as sugar and cement. He observed that large-scale enterprises often naturally drift in the direction of dominating their industries, limiting market options.
Cole firmly stated that while this may be a common commercial ambition, it is not acceptable for Nigeria’s economic health.
He argued that competition strengthens nations, industries, and businesses, and most importantly, delivers greater benefits and choices to ordinary citizens. He described the existence of a monopoly as extremely dangerous and totally unacceptable for the country.
Regarding the petroleum sector, Cole highlighted a pressing issue: while the Dangote Refinery is operational, publicly-owned refineries remain largely inactive.
Tonye Cole also noted that some fuel importers are currently landing petroleum products at prices lower than those offered by the domestic refinery. This situation, he explained, intensifies concerns about monopoly power and its effect on pricing, ultimately impacting the Nigerian consumer.
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cc: Daily Post NG
