Africa’s richest man, Aliko Dangote, has called for increased investments on the African continent to foster its rapid growth and development.
Speaking at the largest 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 epicenter of global progress.
The business mogul cautioned against the continent’s overreliance on raw material exports, but advocating for strategic investments that would propel indigenous industries.
He urged African nations to resist the urge to export raw materials, but nurture domestic manufacturing capabilities so as to reduce dependency on imported consumer 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.
Over the past seven years, Dangote said he had channelled over $25bn into bolstering Africa’s self-sufficiency in vital sectors such as fertilizers, petrochemicals, and refined products.
He added that the monumental Dangote Refinery, boasting a capacity of 650,000 barrels per day, was poised to meet the burgeoning demand across West Africa, Central Africa, and South Africa.
