Aliko Dangote of Nigeria has advocated for increased investments in Africa to foster rapid growth and development.
President of the Pan-African Conglomerate, Dangote Industries Limited while speaking at the Africa CEO Forum in Kigali, Rwanda, Dangote stressed that the recent trend underlines Africa’s essential role as the future epicentre of global progress.
The billionaire tycoon cautioned against Africa’s excessive reliance on the exportation of raw materials and advocated instead for strategic investments aimed at cultivating indigenous industries. He urged Africa to eschew the temptation of exporting raw materials and to instead nurture domestic manufacturing capabilities, thereby diminishing dependence on imported goods.
“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 US, we didn’t really participate, rather we invested in Africa,” he affirmed.
Dangote said he has channelled over $25 billion over the past seven years to strengthen Africa’s independence in sectors including fertilizers, petrochemicals, and refined products.
He said the Dangote Refinery which produces 650,000 barrels per day was positioned to meet the growing demand for petroleum across West Africa, Central Africa and South Africa.