Africa’s leading industrialist and founder of the Dangote Group, Aliko Dangote, has blamed chronic electricity shortage and inconsistent public policies across the continent for stifling industrial growth and economic development.
Speaking at the ongoing Afreximbank Annual Meeting in Abuja yesterday, Dangote decried the policy environment in many African countries, saying it has made the region a dumping ground for foreign goods and a net exporter of jobs.
“There are two things that don’t allow industries to thrive, especially in Africa,” Dangote said. “One is lack of electricity. Second is inconsistencies in government policies. The issue is that once we remain a dumping ground, we will never be able to create jobs.”
Dangote also said Nigeria stands to earn no less than $500 million from cement exports alone annually.
Speaking during a high-level conversation titled “The Path to Making Africa Great Again” with CNN’s Eleni Giokos at the Afreximbank Annual Meetings, Dangote highlighted how strategic industrial policies and backward integration are transforming Nigeria into a major manufacturing and export hub for cement and other commodities.
“And now, also, Nigeria is the largest exporter of cement in Africa,” Dangote declared. “When we finish our factory, it’s 100 percent for export. And Nigeria will not earn less than $500 million of just exporting cement.”
Dangote emphasised that the continuous importation of goods rather than producing them locally undermines job creation and deepens poverty.
“I’m of the view that once you continue to import, you’re importing poverty and exporting jobs out too,” he stated.
Calling for a continental mindset shift, the billionaire industrialist advocated an “Africa First” policy, modeled after former U.S. President Donald Trump’s “America First” approach, to drive industrialisation and economic sovereignty in Africa.
“So since it is America first, we should also say Africa first. We should try and create jobs,” Dangote said. He pointed to Asia as an example of a region that has prospered by investing heavily in its own economies. “Asians believe in their own continent. Most of them invest their money at home, both legal and illegal money.”
He expressed concern that in Africa, even those who make fortunes legally or otherwise often prefer to move their wealth abroad rather than reinvest in their home countries. “If I’m not investing at home, how do I convince somebody to come and partner with me and invest and make Africa great? It’s difficult.”
Dangote argued that industrialisation requires bold policy actions, such as import restrictions and tariffs, to protect and stimulate domestic production.
He cited the example of Nigeria’s cement industry, which grew exponentially after former President Olusegun Obasanjo restricted cement imports.
“The decision by President Obasanjo to stop importation of cement changed everything. We moved from 1.9 million tons to over 60 million metric tons of production,” he said. “At that time, we built a 5 million-ton capacity plant simultaneously.”
He warned against Africa remaining a raw material supplier to industrialized nations, calling instead for local processing of the continent’s vast natural resources.
“Don’t come and take my cocoa and process it over there. And you come now and sell the chocolate to me 20 times more expensive,” he said. “Let us make our continent a productive continent.”
According to Dangote, Africa holds 60 per cent of the world’s arable land and vast mineral resources ranging from gold and lithium to diamonds—yet remains economically underutilised. He stressed the need for strategic investments in agriculture, manufacturing, and financial infrastructure.
“To create more African banks is going to take some time,” he noted. “But for us to grow, we need very strong financial institutions. We need to have a good manufacturing base. We need to also face agriculture.”
He added that once the continent strengthens these foundational sectors, advancements in technology such as artificial intelligence will naturally follow.
Dangote urged Africans to stop using corruption as a convenient excuse for underdevelopment. “People now always come and talk about corruption, corruption, corruption,” he said. “But if we focus on building our own productive capacity, Africa will be a totally different story.”
The Afreximbank Annual Meetings in Abuja has gathered top-level business leaders, policymakers, and economists from across Africa and the globe to discuss strategies for transforming African trade and investment in a shifting global economy.
Reflecting on Nigeria’s industrial journey, Dangote pointed to cement as a model of what is possible when bold policies are implemented and private sector investors are supported. He recalled a pivotal conversation with former President Olusegun Obasanjo that led to Nigeria’s backward integration policy in the cement sector. “President Obasanjo called me at 4:30 in the morning and said, ‘Aliko, Nigeria is number two in cement imports. I’m not going to allow this to continue. What do we do?’ I told him, remove my Dangote cap and let me speak for Nigeria.”
The resulting policy barred companies from importing cement unless they established local production facilities. “All of us now wanted to set up industries. We were small at the time, but our bankers were supportive,” he said. “We built a 5-million-tonne plant while Nigeria was producing 31.9 million tonnes. Today, Nigeria produces over 60 million tonnes of cement.”
Dangote also underscored that job creation and economic value cannot be achieved if Africa remains a dumping ground for foreign goods. “If we continue to import, we’re importing poverty and exporting jobs. We must process our minerals before exporting them to create employment,” he said.
Addressing the issue of corruption, Dangote noted, “Corruption is everywhere, in the U.S., Europe, Asia. But our problem is we steal and take the money out of Africa. If we kept it here, the economy would grow.”
He gave examples from Asia. “Countries like Indonesia and Thailand had corruption, but the money stayed in-country. In Africa, we deprive our families and our economies, and the money vanishes when we die.”
Dangote also made an ambitious pledge. “In the next 40 months, Africa will not import fertiliser. We’re on an aggressive trajectory. We’re building the largest urea plant, bigger than Qatar’s.”
He responded to concerns about Africa’s trade finance gap, describing institutions like Afreximbank and the Africa Finance Corporation as essential. “If I had to invest in any bank, even without profit, I’d choose one that shares the same vision as Afreximbank. That’s how we build Africa.”
Dangote reiterated, “We need strong financial institutions, a manufacturing base, and to focus on agriculture. Once that’s done, AI and everything else will follow. Africa will be a different story.”
Dangote said the Group will list Dangote Fertiliser Limited on the Nigerian Exchange (NGX) this year, and the refinery next year, adding that he does not intend to remain a monopoly, but wants others to become shareholders as well.
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