‘Invest Boldly in the Continent’s Future’ Dangote Urges African Business Leaders
By Patience Ikpeme
President and Chief Executive of Dangote Industries Limited, Aliko Dangote, has called on African entrepreneurs, business leaders and wealthy individuals to channel more investments into the continent, arguing that only Africans can truly unlock Africa’s economic potential.
Dangote made this call in Lagos while hosting participants of the Global CEO Africa Programme, a joint initiative of Lagos Business School and Strathmore Business School, Nairobi, who toured the Dangote Petroleum Refinery & Petrochemicals in Ibeju-Lekki.
Reflecting on the journey to building the world’s largest single-train refinery, Dangote said the project showed that Africa could deliver transformative infrastructure capable of competing globally. He described the refinery as proof that bold, large-scale investments are essential to addressing long-standing challenges across the continent.
“There will always be challenges. In fact, life without challenges isn’t exciting. You just hope for the kind of challenges you can overcome—not the ones that overwhelm you,” he told the visiting CEOs.
He shared that completing the refinery had strengthened the group’s confidence to take on even more ambitious projects. “Now that we’ve built this refinery, we believe we can do anything. We aim to make our fertiliser company the largest in the world—and we’ve set ourselves a 40-month timeline,” he said.
Dangote urged African business leaders to trust in their economies, invest locally and avoid moving capital abroad. “We, as Africans, must stop taking our money abroad. We should invest it here to build our countries and the continent. If we don’t show confidence in our own economies and leadership, foreign investors certainly won’t. After all, we know our leaders better than anyone else,” he said.
While acknowledging Africa’s abundant human and natural resources, Dangote argued that development cannot be left to governments alone. He emphasised the need for a strong banking sector, robust manufacturing and a dynamic agricultural base to drive job creation for Africa’s fast-growing population.
Dangote also pointed out the high cost of doing business within Africa, noting it remains cheaper to import goods from Europe than to move them between African countries. “It is cheaper to bring cement clinker from Spain into Ghana than to move it from Nigeria to Ghana,” he said, stressing the urgency of improving regional connectivity.
He urged the CEOs not to be discouraged by policy inconsistencies or infrastructure gaps but to remain ambitious and gain deep knowledge of their industries. “If you think small, you don’t grow. If you think big, you grow. It’s better to try and fail than never to try at all,” he advised.
Academic Director of the Global CEO Africa Programme at Lagos Business School, Patrick Akinwuntan, described the visit as an inspiration to emerging African business leaders. “The goal is to nurture business leaders who see Africa as a single market—one without borders—focused on the continent’s vast potential. The refinery is a powerful symbol that vision goes beyond mere sight,” he said.
Akinwuntan, who is also former Managing Director of Ecobank Nigeria, praised Dangote’s courage, competence and integrity in realising such a landmark project.
Executive Dean of Strathmore Business School, Dr Caesar Mwangi, noted that the visit had reinforced the importance of dreaming big and acting boldly. “This refinery is the world’s largest single-train refinery. It’s proof that we must dream big, think big, and—most importantly—act,” Mwangi said. He added that each participating CEO could return home inspired to launch transformative projects for Africa’s millions of young people.
Dean of Lagos Business School, Prof Olayinka David-West, described the refinery as more than an industrial project, saying it is a practical tool that supports frameworks like the African Continental Free Trade Area (AfCFTA). “While it’s one project, its effects will be felt across multiple sectors,” she said.
She praised Dangote’s leadership in tackling some of the continent’s toughest economic challenges and improving livelihoods.
Dr Rabiu Olowo, CEO of Nigeria’s Financial Reporting Council and a participant in the programme, said the visit renewed his belief in the power of bold ideas to drive national progress.
The Global CEO Africa Programme includes business leaders from six African countries, who will spend time in Lagos, Nairobi, and New Haven in the United States as part of its curriculum. Other participants included global banking leader Segun Aina; Managing Director of Family Bank, Nairobi, Nancy Njau; Ecobank executive Emmanuel Wakili; and former President of the CFA Society Nigeria, Ibukun Oyedeji.
By showcasing the refinery, Dangote encouraged African business leaders to commit resources to transformative projects that can create jobs, reduce economic dependency, and unlock the continent’s true potential.
