Aliko Dangote urges strategic investments to boost Africa’s industrial growth

Aliko Dangote, President of Dangote Industries Limited (DIL), has called for increased investments across Africa to foster rapid growth and development. Speaking at the Africa CEO Forum in Kigali, Rwanda, Dangote highlighted Africa’s potential as the future epicenter of global progress and stressed the need for strategic investments to bolster indigenous industries.

Dangote cautioned against Africa’s overreliance on exporting raw materials. He advocated for developing domestic manufacturing capabilities to reduce the continent’s dependency on imported consumer goods. “Africa holds the key to its greatness,” Dangote remarked. “I’m not merely investing money but dedicating my entire being to this cause. The possibilities in Africa are boundless.”

Over the past seven years, Dangote has invested more than $25 billion in key sectors such as fertilizers, petrochemicals, and refined products. He pointed to the Dangote Refinery, with a capacity of 650,000 barrels per day, as a significant step towards meeting the growing demand for refined products across West, Central, and South Africa.

Dangote noted, “We have finished our refinery; it is quite big. We believe it is what Africa needs. If you look at the entire continent, there are only two countries that don’t import petroleum products, Algeria and Libya, but the rest import. We need to change that.”

He underscored the importance of transforming Africa’s economic narrative by shifting from raw material exports to producing finished goods locally. “When we produce raw materials and export them while others dump finished products on our continent, we are importing poverty while exporting jobs. We must change the narrative,” he emphasized.

Dangote announced that the refinery, which started producing jet fuel and diesel in February, will begin gasoline production next month. The refinery aims to process African crude oil and supply refined products not only within Nigeria but also across broader African regions.

Founded in 2012, the Africa CEO Forum provides a platform for African decision-makers to connect with international investors and institutions. It has evolved into an organization dedicated to facilitating business in Africa through the exchange of ideas and experiences.