Africa CEO Forum: Aliko Dangote Advocates Increased Investments for Economic Growth

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

Aliko Dangote, President of Dangote Industries Limited (DIL), has called for increased investments in the African continent to foster rapid growth and development.

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

The business mogul cautioned against the continent’s overreliance on raw material exports, advocating instead for strategic investments that will propel indigenous industries.

He urged African nations to nurture domestic manufacturing capabilities rather than relying solely on exporting raw materials, thereby reducing dependency on imported consumer goods.

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

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

Dangote highlighted the need to change the narrative: “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 reverse this trend.”

The recently commissioned refinery is already producing jet fuel and diesel, with gasoline production scheduled for next month. Its capacity extends beyond Nigeria, aiming to supply refined products to West Africa, Central Africa, and South Africa. This marks the first phase, with further expansion planned for next year.

Dangote’s concern over Africa’s paradoxical export of raw materials alongside an influx of imported finished goods underscores the urgent need for change. The Africa CEO Forum, founded in 2012, facilitates business in Africa through the exchange of ideas and experiences among African decision-makers, international investors, and institutions operating on the continent.

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