Business

Africa's richest man, Aliko Dangote, bets big on continent's growth

Dangote Group CEO Aliko Dangote speaks on the phone as he attends the seventh Choose France Summit at the Chateau de Versailles, outside Paris, on May 13, 2024. (Photo: Ludovic Marin/Pool/Reuters)

By Bashir Mohammed | Saturday, May 18, 2024

Speaking at the Africa CEO Forum that took place in Kigali on May 16–17, Dangote noted that Africa has the potential for greatness.

Nigerian billionaire industrialist Aliko Dangote has expressed optimism about Africa's growth prospects, stating that the continent is ready for transformation and to serve the world.

Speaking at the Africa CEO Forum that took place in Kigali on May 16–17, Dangote noted that Africa has the potential for greatness.

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"I am very excited because the future is Africa. We have what it takes to make Africa great. That is why I am not only investing my own money but also my soul in Africa, to make Africa great," Dangote said.

Dangote, the richest man in Africa and chairman of the Dangote Group, a manufacturing conglomerate, highlighted the company's significant investments in Africa.

"We took all our money and invested in Africa," he said, noting that in the last seven years, Dangote Group has invested over $25 billion in fertiliser, petrochemicals, refined products, and the expansion of cement production.

Dangote operates the largest oil refinery in Africa, which started production in February 2024. The $20 billion refinery produces 650,000 barrels per day (bpd), and through it, Dangote aims to reverse Nigeria's reliance on imports for fuel and other refined products, despite the country's status as Africa's biggest oil producer.

The refinery has enough gasoline, diesel, and aviation fuel to supply the African continent and export to Brazil.

“We started producing jet fuel; we are producing diesel; and by next month, we'll be producing gasoline. What that will do ... it will take most African crudes,” Dangote said. "Our capacity is too large for Nigeria. It will be able to supply West Africa, Central Africa, and Southern Africa."

Only two African countries—Algeria and Libya—do not import petroleum products.

Dangote's businesses have enabled him to accumulate significant wealth and generate decent returns for his conglomerate.

"Just about five years ago, we said we wanted to move from $5 billion to $30 billion in revenue, and we have made it happen," he said to applause.

Dangote further emphasised that with its vast resources, Africa should stop importing, and shift from exporting raw materials to producing finished products and creating jobs.

"We need to change by making sure we don't just go and produce raw materials, but that we also produce finished products and create jobs. When you export raw materials and someone keeps importing things into your continent, you are importing poverty and exporting jobs," he said.