Keypoints:
- Dangote urges African elites to reinvest locally
- Nigerian billionaire expands refinery and fertiliser empire
- London cement listing plans gather momentum
AFRICA’S richest man Aliko Dangote has urged wealthy Africans living abroad to redirect their capital back into the continent as his industrial empire expands across refining, cement and fertiliser production.
Speaking in an interview with UK’s The Times newspaper, the Nigerian billionaire argued that Africa’s economic future depends on local investors financing industries at home rather than accumulating wealth overseas.
The remarks come as African governments increasingly push for industrialisation, economic sovereignty and reduced dependence on imported goods under the African Continental Free Trade Area framework.
Dangote calls for African capital to stay home
Dangote, whose businesses span cement, fertiliser, sugar and oil refining, said African economies cannot continue relying heavily on foreign investors to drive development.
He argued that wealthy Africans should prioritise factories, infrastructure and manufacturing projects capable of creating jobs and strengthening local supply chains across the continent.
The businessman warned that significant African wealth remains tied up in luxury assets abroad — particularly property investments in London and Europe — while many African countries continue struggling with weak industrial capacity and high youth unemployment.
According to Dangote, long-term prosperity will only emerge when African capital is reinvested within African economies.
His comments reflect broader debates across the continent about economic nationalism and efforts to increase domestic ownership of strategic industries.
Africa Briefing recently reported how Dangote’s refinery is reshaping Africa’s fuel market, reducing dependence on imported petroleum products and strengthening regional energy supply chains.
Refinery expansion strengthens influence
Dangote’s remarks also coincide with a major expansion phase for the Dangote Group.
His $20bn refinery near Lagos, regarded as one of the world’s largest single-train refineries, is now operating at production capacity of roughly 650,000 barrels per day.
The refinery has become strategically important for Nigeria’s economy as authorities attempt to reduce fuel imports, stabilise domestic supply and conserve foreign exchange reserves.
The project is also beginning to alter regional energy trade patterns.
An earlier Africa Briefing report detailed how Dangote fuel exports are redrawing African energy routes, with neighbouring countries increasingly sourcing refined petroleum products from Nigeria.
Dangote also said his fertiliser business was benefiting from higher global demand linked to geopolitical tensions and supply disruptions in the Gulf region.
The company is expanding fertiliser operations beyond Nigeria, including plans for a major project in Ethiopia aimed at supporting agricultural production and exports.
London listing plans gain momentum
Alongside the refinery and fertiliser expansion, Dangote confirmed plans for a secondary listing of Dangote Cement on the London Stock Exchange later this year.
Dangote Cement, valued at nearly $13bn, currently operates in 11 African countries and remains Africa’s largest cement producer.
The proposed listing is expected to involve roughly 10 percent of the company’s shares and could widen international investor exposure to African industrial assets.
Industry analysts say the move may become an important test of global investor confidence in African manufacturing and infrastructure businesses amid ongoing economic uncertainty.
Dangote said recent regulatory reforms in London had improved conditions for the listing after earlier attempts failed several years ago.
Africa Briefing has previously examined how African corporates are pursuing larger global investment opportunities as regional companies increasingly seek international capital and expansion.
Critics raise monopoly concerns
Despite his business success, Dangote continues to face criticism from some economists and competitors who argue that his companies have benefited from favourable government policies and market protections in Nigeria.
Critics have also questioned the growing dominance of the Dangote Group across major sectors of the Nigerian economy.
Dangote rejected claims that his businesses operate as monopolies, arguing that industrial policy incentives remain available to any investor prepared to commit substantial long-term capital to African manufacturing.
He maintained that large African industrial groups are necessary to support smaller supply-chain businesses, create employment and reduce dependence on imports from outside the continent.
The billionaire added that his long-term ambition is to help transform Nigeria into a $1tn economy while building the Dangote Group into a company worth $100bn.
Analysts say Dangote’s remarks reflect a broader push across Africa towards economic self-reliance and domestic industrial ownership.
