LONDON —
Source Line
Sources include official statements, on-record interviews, public documents and verified reporting.
Invest in Africa’s economy-Dangote urges entrepreneurs.President and Chief Executive of the Dangote Group, Aliko Dangote, has reaffirmed the central role of private sector investment in infrastructure development, job creation, and in accelerating Africa’s economic transformation.
The industrialist said investors need to focus on the African continent by providing infrastructure that creates jobs and boosts industrialization.
Dangote made the assertion during a series of high-level engagements with global financial leaders on the sidelines of the recently concluded International Monetary Fund (IMF) and World Bank Spring Meetings in Washington, D.C said the meeting formed part of his ongoing efforts to mobilise investment flows and deepen strategic partnerships within Nigeria’s energy and industrial sectors.
Speaking during a keynote address at the World Bank’s Water Forward event,he emphasised the urgency of scaling private sector investment in repositioning water systems as enablers of industrialisation and employment across developing economies.
He further noted that infrastructure, particularly effective and sustainable water management, remains foundational to inclusive growth and long-term economic resilience.
“Africa’s growth story will be defined by our ability to invest in infrastructure that supports industry creates jobs,and unlock productivity across the continent” Dangote saidinvesthttps://guardian.ng/news/africans-will-develop-africa-dangote-tells-visiting-global-ceos/
” When the private sector is fully engaged, especially in critical areas like water and energy, it becomes a powerful engine for inclusive and sustainable development,” he added
Speking on the US relationship with Africa,Dangote said the United States is not focusing on Africa noting that the current crisis in the middle East has left countries who rely on a single supply stranded
” They are not yet focusing on Africa. But the future is Africa. You don’t do things for today—you do things for the future and for decades to come. With the Iran war, for example, it has shown that people must diversify risk”
“. Countries that depended on Kuwait or others for gas and petroleum are now under pressure. They must mitigate that risk. When Africans get serious, all these talk about potential will be realised” he said
He added that Africa has the potential ,what is needed is commitment and investment adding that Nigeria has scaled up production of minerals to about 65 million tonnes.
” As of 2007, Nigeria used to produce less than two million tonnes. Under Kayode Fayemi as Minister of Solid Minerals, production grew to 65 million tonnes—and it’s still growing. But the entire Saudi Arabia produces about that level today. So what seems impossible in Africa is actually possible—and we will lead in making it happen”he added
Dangote emphasized that the private sector remains a key engine in economic growth and development urging governments at all levels to support and prioritize private sector investment and development.
“some governments are very supportive, and some of them don’t really understand exactly what to do and we are very busy trying to make them understand that anywhere you set up a business, at the end of the day, the major beneficiary is government” he said
As part of his engagements, Dangote also held strategic discussions with senior global financial leaders, including World Bank President Ajay Banga, focusing on accelerating capital inflows into Africa’s industrial sector.
He stressed that rapid industrialization is vital to strengthening economic resilience, promoting diversification, and reducing the continent’s exposure to external shocks.
The meetings formed part of his ongoing efforts to mobilise investment flows and deepen strategic partnerships within Nigeria’s energy and industrial sectors.
Dangote further outlined the Group’s Vision 2030 strategy, which includes significant expansion of operations across the Dangote Refinery, Fertiliser and Petrochemical Complex, and other business units, to achieve annual revenues of US$100 billion.
According to him, the strategy reinforces the Group’s long-standing commitment to Africa-led industrial growth and sustainable development.
The engagements come at a time when Nigeria is becoming a net exporter of petrol, last month for the first time in decades, the Dangote Petroleum Refinery & Petrochemicals drove a shift from import dependence to local production.
According to data from Kpler, Nigeria exported about 44,000 barrels per day of petrol during the month, slightly exceeding imports and resulting in a net surplus of roughly 3,000 barrels per day.
The Group aims to scale and optimise its existing operations while expanding capacity across key sectors.
This includes increasing the capacity of the Dangote Petroleum Refinery from 650,000 barrels per day to 1.4 million barrels per day, as well as quadrupling fertiliser production from 3 million tonnes per annum to 12 million tonnes per annum, a move expected to position the company as the world’s largest producer of urea.
The strategy also outlines expansion across cement, rice and broader food production, alongside new investments in infrastructure such as ports and pipelines, gas, mining, data centres and power, identified as critical to Africa’s industrial transformation and digital resilience.
Analysts say the engagements reinforce Dangote Group’s strategic positioning at the intersection of global capital and Africa’s industrial growth, amid increasing international focus on Nigeria’s economic reforms and rising refining capacity.
The IMF World Bank Spring Meetings convene policymakers, business leaders and development partners from across the globe to deliberate on economic outlook, financial stability and pathways for sustainable growth.
According to the African Development Bank,in its 2025 Macroeconomic Performance and Outlook (MEO) report released by the African Development Bank said Africa’s economic performance is showing signs of improvement but remains vulnerable to global shocks.
The report added that Africa’s growth remains below the 7 percent threshold required for substantial poverty reduction. The continent also continues to grapple with geopolitical tensions, structural weaknesses, climate-related disasters, and prolonged conflicts in regions such as the Sahel and the Horn of Africa.
It noted that Africa’s average real GDP growth is pegged at 3.2 percent in 2024, slightly higher than the 3.0 percent recorded in 2023
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