Keypoints:
- Dangote urges African elites to invest locally
- Says confidence in Africa starts at home
- Refinery project hailed as blueprint for growth
AFRICA’S richest man, Aliko Dangote, has issued a clarion call to the continent’s business elite to invest locally and drive bold, transformative projects that can lift millions out of poverty and position Africa as a global economic force.
Speaking on July 14 while hosting participants of the Global CEO Africa Programme—a joint initiative of Lagos Business School and Strathmore Business School, Nairobi—Dangote showcased his sprawling Dangote Petroleum Refinery & Petrochemicals complex in Ibeju-Lekki, Lagos as a tangible example of African ambition.
‘Africa does not lack resources—what it needs is vision, commitment and confidence from its business leaders,’ said Dangote. ‘If we don’t believe in our own economies, how can we expect others to?’
‘We must stop exporting capital’
In a pointed critique of Africa’s capital flight problem, Dangote urged high-net-worth individuals and corporate leaders to keep their wealth on the continent.
‘We must stop taking our money abroad. Let’s use it to build our countries,’ he said. ‘I don’t move my money out of Africa—and neither should you. If we don’t show confidence in our own leadership and economy, why should anyone else?’
He warned that despite political independence, many African countries remain economically dependent, and only self-reliance—driven by the private sector—can break the cycle.
‘Refinery shows what’s possible’
Dangote pointed to the $19bn refinery—the world’s largest single-train facility—as proof that nothing is beyond reach when vision meets tenacity.
‘Many doubted us. But we persisted. Now that we’ve delivered this, we believe we can do anything. Our fertiliser plant is next—we’re aiming for the world’s largest in just 40 months,’ he declared.
The industrialist also highlighted the need for infrastructure and policy coherence across African borders. ‘It’s cheaper to import goods from Spain than to send cement clinker to Ghana. That must change.’
A call for boldness, not excuses
Dangote acknowledged that challenges abound across the continent—from regulatory bottlenecks to infrastructure gaps—but insisted that African CEOs must ‘think big and act bold’.
‘Life without challenges is boring. It’s better to try and fail than never to try at all,’ he told the group of 24 CEOs from six African nations.
CEOs inspired by bold African vision
Dr Patrick Akinwuntan, Academic Director of the Global CEO Africa Programme, praised Dangote for showing what’s possible. ‘The refinery is not just infrastructure—it’s a symbol of what visionary African leadership can achieve.’
Echoing this, Strathmore Business School Executive Dean Dr Caesar Mwangi said: ‘This visit proves only Africans can truly develop Africa. This refinery shows us the scale of what’s possible.’
Prof Olayinka David-West of Lagos Business School added that the Dangote facility is ‘a practical tool for implementing frameworks like AfCFTA’, with ripple effects across energy, trade and agriculture.
Turning inspiration into action
Dr Rabiu Olowo, CEO of Nigeria’s Financial Reporting Council and a participant, said the visit had reignited his sense of responsibility: ‘We must lead with courage and ambition. This refinery shows we can build globally competitive infrastructure here in Africa.’
Other participants included top leaders from Family Bank Nairobi, Ecobank, the CFA Society Nigeria and the wider CEMAC region.
Dangote’s message was clear and urgent: the time for bold private-sector-led development is now. Africa, he said, can no longer wait for others to lead. It must build its own future—one investment at a time.
