By Ayomide Otitoju
Africa’s richest man and President of Dangote Industries Limited, Aliko Dangote, has called on African entrepreneurs and wealthy individuals to invest boldly in the continent’s development, stressing that Africa’s future lies in transformative local investment, not capital flight.
Dangote made the appeal while hosting participants of the Global CEO Africa Programme—an initiative by Lagos Business School and Strathmore Business School, Nairobi—at the Dangote Petroleum Refinery & Petrochemicals in Ibeju-Lekki, Lagos.
“Development cannot be left to government alone. We, as Africans, must stop taking our money abroad,” Dangote said. “We should invest it here to build our countries and our continent. If we don’t trust our economies and leaders, why should foreign investors?”
Citing the Dangote Refinery as an example of what is possible, he said, “There will always be challenges. In fact, life without challenges isn’t exciting. But with the right mindset, we can overcome them. Building this refinery proved that nothing is impossible.”
Dangote noted that the completion of the world’s largest single-train refinery had emboldened his group to pursue more ambitious goals, including becoming the world’s largest fertiliser producer within 40 months.
He urged CEOs to think big, invest locally, and help Africa shed its dependence on external aid and imported goods. He also highlighted the need for a robust banking system, manufacturing capacity, and agricultural transformation to tackle unemployment and poverty on the continent.
“The job gaps are widening as our population grows. We need deliberate, large-scale projects that create real jobs and sustainable value,” he added.
Dangote also criticised poor regional interconnectivity, revealing that it costs more to transport cement clinker from Nigeria to Ghana than to import from Europe, and called for improved infrastructure and trade policies under frameworks like the African Continental Free Trade Area (AfCFTA).
In response, academic leaders praised Dangote’s vision and impact.
Patrick Akinwuntan, Academic Director of the Global CEO Africa Programme, said, “This refinery is a symbol that vision goes beyond sight—it shows what’s possible when Africans lead Africa’s transformation.”
Dr. Caesar Mwangi, Executive Dean of Strathmore Business School, added: “This visit inspires CEOs to dream big. If Dangote can achieve this, others across the continent can too.”
Prof. Olayinka David-West, Dean of Lagos Business School, said the refinery serves as a practical enabler of AfCFTA’s goals, with ripple effects that go beyond oil to impact national wellbeing and regional trade.
Also present were high-level executives from six African countries, including Dr. Rabiu Olowo (FRC Nigeria), Segun Aina (global banking leader), Nancy Njau (Family Bank, Kenya), Emmanuel Wakili (Ecobank), and Ibukun Oyedeji (former President, CFA Society Nigeria).
