Mr. Aliko Dangote, founder and chairman of the Dangote Group, stated that his over $25 billion investment in oil, cement, and sugar in Nigeria over the last seven years is to demonstrate that it is doable.
Dangote, who is also reputed to be Africa’s richest man, 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 investment, we’ve invested heavily in the last couple of years in oil and gas, which we spent—between the refinery, cement, and sugar backward integration—in seven years. We have actually invested over $25 billion.
“Why are we doing that? We are doing it to show confidence. If we don’t 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 are many positive developments happening in Africa and that the sky’s the limit. Yes, of course, there are a few issues here and there, but those issues are solvable,” Dangote said.
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 the African richest person, I really get a little uncomfortable or upset. I’d rather be called someone 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. We Africans must lead in this effort. We must ensure that we find jobs for our youths. That’s the kind of legacy I want to leave: to make Africa self-sufficient in what we consume,” he added.
