Dangote invests over $25 billion in Africa to inspire confidence in local investments

Aliko Dangote, Africa’s richest man and founder of the Dangote Group, has invested over $25 billion in oil, cement, and sugar in Nigeria to encourage confidence in local investment.

Mr. Aliko Dangote, the founder and chairman of the Dangote Group, revealed that his investments exceeding $25 billion in oil, cement, and sugar in Nigeria over the past seven years are intended to demonstrate the viability of investing in Africa.

Speaking at the sidelines of the 79th United Nations General Assembly (UNGA 79) in the U.S., Dangote emphasized that his substantial investments serve as a signal to other potential investors that opportunities exist in Nigeria and across the continent.

“We’ve invested heavily in oil and gas, with our expenditures—between the refinery, cement, and sugar backward integration—totaling over $25 billion in seven years,” he stated. “If we don’t invest in our continent, it will be challenging for others to do so. We need to showcase the many positive developments happening in Africa, where the sky’s the limit.”

Dangote acknowledged that while there are challenges within Africa, he believes they are solvable. He expressed his commitment to making Africa self-sufficient, aiming to reduce the continent’s reliance on imported goods and services.

As an advocate for domestic production, he highlighted the need to create jobs for Africa’s growing youth population through substantial investments across various sectors.

Additionally, Dangote shared his preference for being remembered as a contributor to Africa’s future rather than simply as the continent’s wealthiest individual. “I feel uncomfortable when referred to as the richest man in Africa. I’d prefer to be known as someone who is shaping the future of the continent. My investments are about showing that it is possible to succeed here. We must lead this effort ourselves and ensure we create jobs for our youth,” he remarked.