Aliko Dangote to Wealthy Nigerians: ‘Invest at Home to Build the Nation’
By Patience Ikpeme
Aliko Dangote, President and Chief Executive of Dangote Industries Limited, has issued a powerful appeal to affluent Nigerians, urging them to channel their investments domestically as the essential path to national development. He asserted that genuine growth cannot occur without substantial local investment.
Dangote criticized the prevailing trend of African wealth being exported and held abroad. He called upon the continent’s entrepreneurs and wealthy individuals to commit their resources within their home countries. He argued that such commitment is the sole driver of true development.
In a recent chat with selected media representatives, Dangote stated, “No nation develops without significant investments. I appeal to all wealthy Nigerians to look inward and invest here, in Nigeria, for the future of our unborn kids. There is hardly any country without corruption, but the difference between there and here is that, in those other corrupt nations, they invest the stolen funds in their country and grow their economy rather than keeping it in foreign banks that will not in any way impact positively on the economy.”
He further explained that Africa’s true need lies in bold, transformative projects capable of addressing its long-standing socio-economic challenges, particularly the creation of jobs for its rapidly expanding population.
Speaking about his decision to undertake the challenging $20 billion refinery project, Dangote conveyed his determination to see Nigeria achieve self-sufficiency in refined petroleum products and serve as a model for other African nations, despite facing numerous obstacles and opposition. He clarified that he embarked on this ambitious endeavor to secure energy independence for Nigeria and the broader African continent. He pointed out that, with the exceptions of Libya and Algeria, most African countries remain heavily reliant on imported refined petroleum products despite the continent’s abundant crude oil reserves.
“Apart from Algeria and Libya, which are self-sufficient, virtually every other African country is an importer,” Dangote noted, emphasizing the pressing need for operational refineries on the continent. He also lamented that Africa has become a dumping ground for substandard petroleum products due to this overreliance on imports. Africa possesses approximately 125 billion barrels in proven oil reserves, with significant contributions from Nigeria, Algeria, Angola, Egypt, and Libya, all ranking among the world’s top 30 oil-producing nations.
Dangote disclosed that many observers had doubted the Dangote Group’s capacity to complete such a massive project. Some even advised him to abandon it, citing the failures of several sovereign nations to finish similar undertakings.
“People think building a refinery is like building a house,” he said. “But, as I always say, if I had known the scale of challenges we would face, I wouldn’t have started at all. We were fortunate as a group because we didn’t fully grasp what we were getting into, but we believed that nothing is impossible.” As the project progressed, the group reached a critical juncture: either to cease operations and incur losses or to push forward and achieve success. “We had to keep pushing to ensure delivery,” Dangote added.
He expressed hope that the refinery would encourage other African countries to enhance their refining capacities and invest in value-added industries, rather than continuing to export raw materials.
Dangote concluded by asserting that true independence transcends mere politics; it necessitates economic self-reliance and financial freedom for African citizens. He cautioned that continued import dependency would keep African nations entrapped in poverty.
