President and Chief Executive of Dangote Industries Limited, Aliko Dangote, has called on wealthy Nigerians to channel their resources into local investments, describing it as the only viable path to sustainable national development.
Speaking during a media chat with select journalists, Africa’s richest man emphasized that no nation can achieve real growth without substantial domestic investment. He urged affluent individuals and entrepreneurs to resist the trend of exporting wealth abroad and instead reinvest in Nigeria to secure a prosperous future for generations to come.
“There is hardly any country without corruption,” Dangote said, “but the difference is that in those places, even the stolen wealth is reinvested to grow their economies. Here, we stash it in foreign banks where it does nothing for our people.”
Dangote warned that Africa’s habit of wealth flight has contributed to underdevelopment and economic dependency, stressing that “true independence goes beyond politics; it must also include economic self-reliance.”
The industrialist, who recently completed Africa’s largest single-train oil refinery at a staggering cost of $20 billion, shared insights into the motivation and challenges behind the project. He explained that the initiative was driven by the need to ensure energy security for Nigeria and the African continent, which remains heavily reliant on imported refined petroleum products despite abundant crude oil reserves.
“Apart from Algeria and Libya, which are self-sufficient, nearly every African country imports refined products. That’s unacceptable,” he said. “We’ve allowed the continent to become a dumping ground for substandard fuels.”
Despite facing enormous challenges and opposition, Dangote said he remained committed to delivering the refinery, which is expected to reposition Nigeria as a net exporter of petroleum products and catalyze industrial growth across Africa.
“If I had known the magnitude of the obstacles we would face, I might never have started,” he admitted. “But we believed that nothing is impossible.”
He added that the completion of the refinery—despite skepticism from both local and international observers—demonstrates the power of bold vision, resilience, and local investment.
Dangote concluded by expressing hope that the refinery will inspire other African nations to invest in transformative, value-adding industries rather than continuing to export raw materials.
“What Africa needs are bold projects that create jobs and drive inclusive growth. Continued reliance on imports will keep us poor,” he warned.
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