Aliko Dangote, Africa’s wealthiest individual, has announced that his business enterprises have invested over $25 billion in Nigeria across various sectors, including oil and gas, cement, and sugar, within the past seven years. This declaration was made during the recent 79th United Nations General Assembly (UNGA 79) held in the United States.
Dangote emphasized that this significant investment aims to inspire confidence in Nigeria and, more broadly, in Africa as a viable destination for investment. Despite acknowledging the challenges faced on the continent, he believes that these obstacles are surmountable.
In his remarks, Dangote stated, “We have invested heavily in oil and gas, cement, and sugar production, totaling over $25 billion in seven years. Our motivation is to demonstrate that investment in Africa is not only possible but profitable. If we do not take the initiative, it will be difficult to attract external investors.
He underscored the notion that Africa is a land of opportunity, despite some prevailing issues. “We need to communicate that significant developments are occurring in Africa and that the potential for growth is limitless. While challenges exist, they can be resolved.
Dangote further articulated his aspiration for Africa to achieve self-sufficiency, minimizing its dependence on imported goods and services. As a proponent of domestic production and manufacturing, he highlighted the necessity of creating employment opportunities for the continent’s burgeoning youth population through robust investments in diverse industries.
Dangote expressed his desire to be remembered not just as the richest man in Africa, but as a catalyst for the continent’s progress. “I feel uncomfortable being referred to as Africa’s richest person. I would prefer to be recognized as someone who is helping to shape the future of the continent. My investments are intended to show that success is attainable in Africa.
He concluded with a call to action, emphasizing the importance of African leadership in creating job opportunities for the youth. “The legacy I wish to leave behind is one of self-sufficiency for Africa, ensuring that we empower our future generations through meaningful investment.”
