Dangote calls for increased investments to drive Africa’s economic growth
African business mogul and President of Dangote Industries Limited (DIL), Aliko Dangote, has urged for increased investments in the African continent to promote rapid growth and development.
Speaking at the Africa CEO Forum, 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.
Dangote cautioned against the continent’s overreliance on raw material exports, advocating instead for strategic investments that will propel indigenous industries.
“We need to change the narrative and move away from importing finished goods and exporting raw materials, which perpetuates a cycle of job loss and poverty,” he said.
The business mogul highlighted the potential of Africa, stating that possibilities are boundless and that he has dedicated himself to investing in the continent. Over the past seven years, Dangote has invested over $25 billion in vital sectors such as fertilizers, petrochemicals, and refined products.
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The Dangote Refinery, with a capacity of 650,000 barrels per day, is expected to meet the demand for refined products in West Africa, Central Africa, and South Africa. “We have finished our refinery; it is quite big. We believe it is what Africa needs. We need to change the trend of importing petroleum products and instead produce refined products and create jobs,” Dangote said.
The Africa CEO Forum, founded in 2012, is a platform for African decision-makers to connect with each other and international investors and institutions operating on the continent. The forum aims to facilitate business in Africa through the exchange of ideas and experiences.
Dangote’s call for increased investments in Africa resonates with the continent’s ambition to drive economic growth and development. As Africa continues to rise as a global economic powerhouse, strategic investments in key sectors will be crucial to unlocking its full potential.
