Dangote advocates for increased investments to drive economic advancement in Africa

By: Amadi Vincent Uzoma

Aliko Dangote, the President of Dangote Industries Limited (DIL), a Pan-African Conglomerate, has urged for more investments in Africa to drive its rapid growth and progress.

During his speech at the Africa CEO Forum in Kigali, Rwanda, which brought together private sector leaders from across the continent, Dangote highlighted the crucial role Africa plays in the global development landscape.
He cautioned against Africa’s heavy dependence on raw material exports and instead recommended strategic investments to boost local industries. Dangote encouraged African nations to focus on developing domestic manufacturing capacities rather than solely relying on imported goods.

Dangote emphasized his commitment to Africa’s potential for greatness and underlined the importance of investing in the continent. He noted that he has invested over $25 billion in key sectors such as fertilizers, petrochemicals, and refined products to enhance Africa’s self-sufficiency.

The completion of the Dangote Refinery, with a capacity of 650,000 barrels per day, is seen as a milestone in meeting the demand for petroleum products in West Africa, Central Africa, and South Africa.
Dangote emphasized the need to shift from exporting raw materials to producing finished goods locally to create job opportunities and reduce poverty in Africa. He expressed concern over the continuous cycle of job loss and poverty caused by exporting raw materials and importing finished products.

The Africa CEO Forum, established in 2012, serves as a platform for African business leaders to connect with each other and engage with international investors and organizations operating on the continent. The forum aims to facilitate business in Africa by fostering the exchange of ideas and experiences.