Keypoints:
- Dangote says Africans must finance Africa’s future themselves
- Billionaire reflected on his 8-year refinery project
- Dangote warned energy shocks could hurt airlines and farming
AFRICA’S richest industrialist, Aliko Dangote, has urged African governments and investors to stop relying on foreign capital, arguing during a recent interview in Nairobi that the continent must finance its own industrial future.
Speaking at the World Economy Summit in Nairobi, Dangote said Africa’s development would continue to lag unless Africans themselves took the lead in financing major industrial projects.
Dangote said Africa was depending too heavily on foreign investors to drive development across the continent.
‘In Africa, most of our problems is that we are waiting for foreign investors to come and develop our own land,’ he said.
‘It’s not possible. We Africans must lead, others will join us.’
The refinery gamble that reshaped African energy
Dangote’s remarks come as his giant refinery project in Nigeria increasingly positions itself as one of the continent’s most strategically important industrial assets.
The 650,000 barrels-per-day refinery is one of the world’s largest single-train refineries and is increasingly reshaping regional fuel trade flows, as Africa Briefing previously reported.
The refinery is also expected to significantly reduce Nigeria’s dependence on imported refined petroleum products after years of costly fuel imports despite the country being Africa’s largest crude producer.
During the Nairobi interview, Dangote described how the project faced years of scepticism from international contractors and global energy figures.
He recalled meeting a former Saudi energy minister who questioned whether an African private-sector businessman could successfully build a refinery of such scale.
‘Refineries are only built by multinationals and sovereign governments,’ Dangote said he was told.
Despite the doubts, the Nigerian billionaire proceeded with the project.
Construction stretched beyond eight years because of land disputes, engineering difficulties and political obstacles.
Dangote said several international engineering firms initially refused to participate because they considered Nigeria too risky for an investment of that size.
As a result, the company developed much of its own engineering, procurement and construction (EPC) capability internally.
The refinery site also required extensive environmental preparation, including pumping 65 million tons of sand onto swampy terrain to stabilise the land.
Energy shocks expose African vulnerabilities
Dangote warned that current global energy market instability could severely affect African economies, particularly airlines and agriculture.
His comments came amid renewed global concerns over instability in the Middle East and disruptions linked to tensions around the Strait of Hormuz.
He said geopolitical uncertainty and oil market volatility were already creating pressure across the continent.
The refinery’s expanding export capacity is beginning to reshape fuel trade across Africa, with more countries turning to regional suppliers instead of depending heavily on imported products from Europe and the Gulf, as Africa Briefing previously reported.
According to Dangote, African airlines could struggle to survive if aviation fuel prices remain elevated.
‘If we continue like this, majority of African airlines won’t be able to survive,’ he said.
He also highlighted rising fertiliser prices, warning that food production could suffer unless governments intervene with subsidies.
Dangote said fertiliser prices had surged from around $400 to $850 within a short period because of global supply disruptions.
He added that his company deliberately avoided fully transferring the increase to Nigerian farmers in order to cushion the impact.
China’s growing influence in Africa
The Nairobi discussion also focused heavily on competition between the US and China for influence in Africa.
Dangote pushed back against criticism often directed at Beijing’s role on the continent, arguing that Chinese firms frequently deliver infrastructure and industrial projects faster than Western companies.
‘People are underrating China,’ he said.
He pointed to China’s manufacturing scale and delivery speed, noting that his company received more than 10,000 trucks from China within seven months.
Dangote argued that Chinese engagement gained traction partly because many Western investors had historically neglected Africa.
‘Everybody abandoned you and somebody comes to you and says, “Let us partner”,’ he said.
However, he also acknowledged concerns surrounding government-to-government infrastructure arrangements involving China, particularly where competitive bidding processes are weak.
Why African capital matters
Throughout the interview, Dangote repeatedly returned to the idea that African capital must drive Africa’s industrialisation.
He urged African investors and institutions to stop viewing large-scale industrial projects as impossible.
According to Dangote, stronger local participation is critical to reducing risk perceptions and attracting broader international investment.
‘If we don’t commit our own funds to develop our continent, nobody will do that for us,’ he said.
He also advised foreign investors entering African markets to partner with credible local businesses rather than operate independently.
Dangote’s remarks reflect broader debates across Africa over industrial sovereignty, economic nationalism and reducing dependence on imported fuel, food and manufactured goods.
Governments across West and Central Africa are also deepening commercial engagement with the refinery as part of wider intra-African industrial cooperation efforts, including fuel supply arrangements involving Ghana and Cameroon, Africa Briefing reported recently.
As governments across the continent pursue industrial expansion and energy-transition strategies, projects such as the Dangote refinery are increasingly viewed as tests of whether Africa can industrialise on its own terms.
Analysts increasingly view the refinery as a turning point in Africa’s transition from commodity export dependence towards regional industrial production, following Nigeria’s emergence as a net fuel exporter after decades of import reliance. Africa Briefing previously examined the shift.
For Dangote, the future of African industrialisation will depend not on foreign promises, but on whether Africans are prepared to invest in Africa itself.
