Aliko Dangote, Africa’s richest man, has revealed that his business empires have invested more than $25 billion in Nigeria’s oil and gas, cement, and sugar sectors over the last seven years.
Dangote made the remarks while speaking on the margins of the recently finished 79th United Nations General Assembly (UNGA 79) in the United States. The business magnate stated that this investment was intended to reassure others that it is possible to invest in Nigeria and, by extension, Africa.
He went on to say that, while the continent faces some challenges, nothing is insurmountable.
“In areas of our own investment, we’ve invested heavily in the last couple of years in oil and gas which we spent —between the refinery, cement, sugar backward integration—in seven years we have actually over $25 billion.
“Why are we doing that? We are doing that to show confidence. If we don’t really 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 is quite a lot of things happening in Africa and the sky is the limit. Yes of course, there is some few issues here and there, but those issues are solvable,” Dangote said.
Making Africa Self-sufficient
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 African richest person, I really get a little bit uncomfortable or upset. I’ll rather be called somebody 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. And we Africans must lead in terms of this. We must make sure that we find jobs for our youths. That’s the kind of legacy I want to leave. It is to make Africa self-sufficient for what we consume,” he added.
