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President, Dangote Group, Mr Aliko Dangote being welcomed by the Rwandan President, Paul Kagame, at the African CEO Summit in Kigali, Friday 17th May, 2024, |
Dangote's address at this premier gathering of private sector leaders underscored Africa's potential as a key player in global development.
Emphasizing the importance of strategic investments over reliance on raw material exports, Dangote urged African nations to prioritize nurturing domestic industries. He cautioned against the prevalent trend of exporting raw materials and instead advocated for fostering indigenous manufacturing capabilities.
By reducing dependency on imported goods, Dangote believes that Africa can pave the way for sustainable economic growth and development.
"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 $25 billion into bolstering Africa's self-sufficiency in vital sectors such as fertilizers, petrochemicals, and refined products. Notably, he said the monumental Dangote Refinery, boasting a capacity of 650,000 barrels per day, stands poised to meet the burgeoning demand across West Africa, Central Africa, and South Africa.
“We have finished our refinery; it is quite big. We believe it is what Africa needs. If you look at the entire continent, there are only two countries that don’t import petroleum products, only Algeria and Libya but the rest import. We need to change that, so we don’t just produce raw materials but finished products and create jobs. One of the things we need to know as Africans is that when we produce raw material and export them while others dump finished products on our continent, what we are doing is that we are importing poverty while exporting jobs. We must change the narrative.
“We just commissioned in February. We are producing jet fuel and diesel. By next month, we will be producing gasoline but what that will do is that it will be able to take most of the African crudes that are being produced and be able to supply refined products not only in Nigeria because our capacity is too big for Nigeria. It will be able to supply in West Africa, Central Africa and South Africa. This is the first phase, we are going to the next phase by next year,” he said.
Expressing concern over Africa's paradoxical export of raw materials juxtaposed with an influx of imported finished goods, Dangote underscored the urgent need to reverse this trend. He lamented that exporting raw materials while importing finished goods perpetuates a cycle of job loss and poverty.
Founded in 2012, the Africa CEO Forum, is a platform through which African decision-makers connect with each other continuously, as well as with international investors and institutions operating on the continent..
It has evolved into an organisation dedicated to facilitating business in Africa through the exchange of ideas and experiences,
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