Africa’s richest man, Aliko Dangote, has disclosed that his business conglomerates have invested over $25 billion in sectors such as oil and gas, cement, and sugar in the last seven years in Nigeria.
Dangote made this statement while speaking on the sidelines of the recently concluded 79th United Nations General Assembly (UNGA 79) in the U.S.
The business mogul said this investment was meant to signal confidence to others that it is possible to invest in Nigeria and, by extension, Africa.
He added that while there are a few challenges on the continent, there is nothing that cannot be solved.
“In areas of our own investment, we’ve invested heavily in the last couple of years in oil and gas which we spent —between the refinery, cement, sugar backward integration—in seven years we have actually over $25 billion.
“Why are we doing that? We are doing that to show confidence. If we don’t really move by investing in our continent, it will be very difficult for other people to come in and invest.
“We need to tell them that there is quite a lot of things happening in Africa and the sky is the limit. Yes of course, there is some few issues here and there, but those issues are solvable,” Dangote said.
Making Africa Self-sufficient
In addition, Dangote stated that his dream is to make Africa self-sufficient, reducing the continent’s reliance on imported goods and services.
As a strong advocate of domestic production and manufacturing, he emphasized the importance of creating jobs for the continent’s growing youth population through substantial investments across various industries.
He also expressed a preference for being remembered as someone who helped shape Africa’s future, rather than simply being known as the richest man on the continent.
“To me, I think anytime people address me as African richest person, I really get a little bit uncomfortable or upset. I’ll rather be called somebody who creates the future of Africa. I invest a lot in Africa.
“Why am I investing? It’s to show people that it is doable. And we Africans must lead in terms of this. We must make sure that we find jobs for our youths. That’s the kind of legacy I want to leave. It is to make Africa self-sufficient for what we consume,” he added.
What you should know
Dangote Group, led by CEO Aliko Dangote, is one of the largest conglomerates in Nigeria and Sub-Saharan Africa.
Its cement subsidiary is the largest employer in Nigeria, with over 19,000 Nigerians on its workforce.
According to a report by Nairametrics, Dangote’s $19 billion refinery project is staffed primarily by young engineers, many of whom are recent graduates from Nigerian universities.
A strong advocate for domestic production and manufacturing, Dangote has repeatedly emphasized that Africa’s reliance on importing finished goods while exporting raw materials is akin to importing poverty into the region.