Nigeria (Commonwealth) _ Aliko Dangote, the president of Dangote Industries Limited (DIL), a pan-African conglomerate, has advocated for more investments in Africa to support the continent’s fast growth and development.
Speaking at the Africa CEO Forum, the continent’s largest assembly of business executives, in Kigali, Rwanda, Dangote stressed that current developments highlight Africa’s critical position as the future hub of global development.
The business tycoon urged smart investments that will support domestic businesses in place of the continent’s excessive reliance on raw material exports. In order to lessen their reliance on imported consumer products, he advised African countries to foster indigenous manufacturing capabilities rather than give in to the temptation to export raw materials.
“Africa’s future glory is in its grasp. Not only am I investing money, but I’m giving this cause my whole attention. The opportunities in Africa are endless. Similar to a scratch card, you can only reveal its contents by scratching it. He confirmed, “For some of us, we invested in Africa instead of truly participating in the US capital market boom.
Dangote claimed to have invested more than $25 billion over the previous seven years to increase Africa’s self-sufficiency in crucial industries including petrochemicals, fertilizers, and refined goods. Specifically, he stated that the enormous Dangote Refinery, with its 650,000 barrels per day capacity, is ready to fulfill the growing demand in South Africa, Central Africa, and West Africa.
“We completed our refinery, which is fairly large. We think it’s exactly what Africa needs. Only Algeria and Libya are the only nations on the continent that import petroleum products; all other nations import. That must alter if we are to generate completed goods as well as employment and raw resources. Africans need to understand that when we manufacture raw materials and export them, we are essentially importing poverty while exporting jobs, as some may do while others dump finished goods on our continent. We have to rewrite the story.
“We only became operational in February. We are manufacturing diesel and jet fuel. We will start manufacturing gasoline next month, but because of our capacity, which is too large for Nigeria, it will also be able to accept most of the generated African crudes and supply refined goods outside of Nigeria. It can provide supplies to South Africa, Central Africa, and West Africa. We’re moving on to the next step before the end of the year; this is the first phase, he added.
Dangote highlighted the critical need to buck the trend, expressing alarm about Africa’s contradictory raw material exports in contrast to an infusion of completed commodities imported from outside. He bemoaned the fact that when exporting raw materials conversely, the importation of completed items feeds the cycle of unemployment and poverty.
The Africa CEO Forum, which was established in 2012, provides a forum for regular communication between African decision-makers and foreign investors, organizations, and other stakeholders involved in the region.
It has developed into an organization whose mission is to promote trade in Africa by exchanging knowledge and insights. Africa has an abundance of natural resources and has a variety of investment options. Investing in real estate, mining, oil and gas, technology, infrastructure, and real estate are some of the most popular industries.
Because there are significant reserves of valuable metals and minerals in Africa, the continent’s mining sector plays a significant role in its economy. Because the continent has large deposits of natural gas and oil, the oil and gas industry is also a crucial one.
The need for both residential and commercial real estate is driving growth in Africa’s real estate market. The amount of tech startups and businesses expanding around the continent is indicative of the rising trend in the technology sector.
A major sector of investment in Africa is infrastructure development, which offers several chances for electricity, water, and transportation projects that promote economic expansion. We have extensive knowledge of the investment landscape in Africa. Together, it has created a comprehensive list of African investors, and we collaborate closely with businesses who are seeking investors.
Africa is, in our opinion, one of the world’s most intriguing investment destinations. They have managed the largest pan-African equities fund in terms of assets under management, established an African Stock Exchange, and developed stockbroking firms that deal in African debt.
