Dangote to Nigerian Tycoons: “Commit to Local Investment”
Recounts How He Defied All Odds to Build Africa’s Largest $20 Billion Refinery
Africa’s richest man and the President/Chief Executive of Dangote Industries Limited, Aliko Dangote, has made a passionate appeal to wealthy Nigerians and entrepreneurs across the continent: invest at home if you want to see real growth and development.
In a candid discussion with selected members of the media, Dangote emphasized that the path to national development is impossible without significant domestic investment. His message was clear—Africa’s development lies not in foreign aid or overseas bank accounts, but in the willingness of its richest citizens to channel their resources back into the continent.
“No nation develops without significant investments,” Dangote said. “I appeal to all wealthy Nigerians to look inward and invest here in Nigeria for the future of our unborn kids.”
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Dangote expressed concern over a common pattern across the African continent: the wealth generated locally is often exported and hidden in foreign accounts rather than being reinvested into local economies. This, he argued, is one of the key factors undermining long-term development.
He acknowledged that corruption exists globally, but pointed out that in many countries, even ill-gotten wealth often finds its way back into productive sectors of the economy, helping to create jobs and build infrastructure. In Africa, however, the story is different.
“There is hardly any country without corruption, but the difference is that in other corrupt nations, they invest the stolen funds in their countries and grow their economy. Here, we stash it abroad in banks that give us nothing in return.”
According to Dangote, the solution to Africa’s persistent socio-economic challenges—especially youth unemployment—lies in ambitious, home-grown projects. He pointed to his own $20 billion refinery project as an example of what is possible when capital is invested with a long-term vision.
Content Credit | Agbetan Bisola
Image Credit | africa.businessinsider.com
