Aliko Dangote Criticises Africa’s Over-Reliance on Imported Petroleum Products

• Aliko Dangote urged wealthy Nigerians to invest domestically, emphasising that significant investments are the only way to achieve true national development
• He discussed his $20 billion refinery project, which aims to make Nigeria self-sufficient in refined petroleum products
• Dangote also highlighted Africa's over-reliance on imports and stressed the importance of economic self-reliance for achieving true independence

Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.

Dangote Industries Limited President and CEO, Aliko Dangote, has called on wealthy Nigerians to invest in their country, believing it is the only way to develop it.

In a recent speech to a limited group of journalists, Dangote emphasised that without substantial domestic investment, there is no other path to true growth and development.

He urged African entrepreneurs and wealthy individuals to make domestic investments and criticised the continent's propensity to export and hide its money outside.

“It is only through such commitment that we can drive true development,” he said. “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 children.”

“There is virtually no country without corruption, but the difference between here and elsewhere 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 do not positively impact the economy.”

The billionaire said Africa needs ambitious, game-changing initiatives that can solve its persistent socioeconomic problems, particularly the need to create jobs for its expanding population.

Speaking about his decision to construct the $20 billion refinery, Dangote stated that, despite many obstacles and criticism, he was committed to helping Nigeria achieve self-sufficiency in refined petroleum products and become a model for other African countries.

Despite the continent’s vast crude oil reserves, the majority of African nations still rely mostly on imported refined petroleum products. Dangote started the ambitious project to ensure energy independence for Nigeria and the wider African continent.

“Apart from Algeria and Libya, which are self-sufficient, virtually every other African country is an importer,” Dangote said, highlighting the urgent need for operational refineries on the continent. He also lamented that Africa's over-reliance on imports had turned the continent into a dumping ground for inferior petroleum products.

Nigeria, Algeria, Angola, Egypt, and Libya—all of which are among the top 30 oil-producing countries in the world—have made substantial contributions to Africa's estimated 125 billion barrels of proved oil reserves.

Dangote revealed that many people had questioned the Dangote Group’s ability to carry out such a large project. Some had even suggested that he abandon it, pointing to the failure of other independent companies to complete comparable projects.

“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.”

The team was faced with a crucial decision as the project developed: either stop and lose, or keep going and win.

“We had to keep pushing to ensure delivery,” Mr. Dangote said.

Instead of continuing to export raw materials, he hopes the refinery will encourage other African nations to invest in value-added sectors and expand their refining capabilities.

Dangote went on to say that economic self-reliance and financial freedom for African citizens are essential components of true independence, which transcends politics. He warned that African countries would remain impoverished if they continued to rely too heavily on imports.

Dangote plans to build Nigeria’s largest seaport

Legit.ng earlier reported that in an effort to boost exports and sustain his growing industrial empire, Dangote submitted plans to build a new seaport close to Lagos.

The Olokola project, which is positioned to become Nigeria's largest seaport, intends to speed up commercial flows for West Africa and ease congestion at Lagos ports.

After making the announcement in March, Dangote submitted his application in late June to construct the biggest and deepest port in Ogun State's Olokola Free Trade Zone (OKFTZ).

Proofreading by James Ojo, copy editor at Legit.ng.

Source: Legit.ng