Dangote calls for investments to boost Africa’s economic growth

President of Dangote Industries Limited Aliko Dangote has called for increased investments in Africa to foster its rapid growth and development.

Speaking at the gathering of private sector leaders in Africa, the Africa CEO Forum, in Kigali, Rwanda, Dangote emphasised that recent trends underscore Africa’s pivotal role as the future epicentre of global progress.

The business mogul, according to a statement issued by the company on Friday, May 17, 2024, cautioned against the continent’s overreliance on raw material exports and advocated for strategic investments that will propel indigenous industries.

He urged African nations to resist the urge to export raw materials but to nurture domestic manufacturing capabilities so as to reduce dependency on imported consumer goods.

Dangote said: “Looking ahead, Africa holds the key to its greatness. I’m not merely investing money but dedicating my entire being to this cause.

“In Africa, possibilities are boundless. It is like a scratch card; you won’t know what is inside unless you scratch it. For some of us, despite the boom of the capital market in the U.S., we didn’t really participate, rather we invested in Africa.”

Dangote Foundation, WEF unveil 2024 Fellows

Over the past seven years, Dangote said he had channelled over $25 billion into bolstering Africa’s self-sufficiency in vital sectors such as fertilizers, petrochemicals, and refined products.

He said the Dangote Refinery, boasting a capacity of 650,000 barrels per day, stands poised to meet the burgeoning demand across West Africa, Central Africa, and South Africa.

Dangote added: “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, only Algeria and Libya but the rest import. We need to change that, so we don’t just produce raw materials but finished products and create jobs.

“One of the things we need to know as Africans is that when we produce raw material and export them while others dump finished products on our continent, what we are doing is that we are importing poverty while exporting jobs. We must change the narrative.”

Expressing concern over Africa’s paradoxical export of raw materials juxtaposed with an influx of imported finished goods, Dangote underscored the urgent need to reverse this trend.

He lamented that exporting raw materials while importing finished goods perpetuates a cycle of job loss and poverty.

The Star