... Reveals how he defied the odds to build Africa’s largest refinery
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| , L-R, Director of Academic, Strathmore Business School (SBS), Carol Musyoka; Director of Academic Lagos Business School (LBS) Patrick Akinwuntan; Vice President, Oil and Gas, Dangote Industries Limited, Devakumar Edwin; President / CE, Dangote Industries Ltd, Aliko Dangote; Dean of Lagos Business School ( LBS) Professor Olayinka David-West; Executive Dean of Strathmore Business School(SBS) Nairobi Kenya, Dr. Caesar Mwangi, during the visit of LBS’ Global CEO Africa Programme Cohort 5 to Dangote Petroleum Refinery and Fertiliser Plant in Ibeju-Lekki Lagos on Thursday July 10,2025. |
The President and Chief Executive Officer of Dangote Industries Limited, Aliko Dangote, has called on wealthy Nigerians to invest in the country’s economy, insisting that genuine national development cannot take place without significant local investment.
Speaking in an exclusive chat with senior media executives, Dangote decried the common practice of exporting wealth abroad and warned that unless the country’s financial elites redirect their resources back into Nigeria, sustainable growth will remain elusive.
“No country can grow without substantial investment. I appeal to all wealthy Nigerians—look inward and invest in Nigeria for the future of our children. Corruption exists everywhere, but the difference is that in other countries, even ill-gotten wealth is invested domestically to boost their economies. We keep our money in foreign banks that do nothing for our people,” he said.
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| Group Photograph of the Team from Lagos Business School’s Global CEO Africa Programme Cohort 5 during their visit to Dangote Petroleum Refinery and Fertiliser Plant in Ibeju-Lekki Lagos on Thursday July 10,2025. |
Dangote noted that Africa’s biggest challenge is not just poverty, but a lack of bold, transformative projects that can create jobs, build industries, and drive long-term growth. He emphasized that real change starts with local investment, especially in critical sectors like energy and manufacturing.
Reflecting on his decision to build the $20 billion Dangote Refinery—the world’s largest single-train refinery—he admitted the journey was far from easy but driven by a vision to make Nigeria self-sufficient in petroleum refining.
“If I had known the challenges ahead, maybe I wouldn’t have started. But we believed in the vision. Now that we’ve succeeded, we know we can do even more. It’s time for Nigeria to stop importing what we can produce,” he said.
Dangote pointed out that despite having over 125 billion barrels of proven oil reserves, most African countries—including Nigeria—still rely heavily on imported petroleum products. Only Algeria and Libya, he noted, are self-sufficient.
“Africa is rich in resources but poor in refining capacity. That’s why we remain import-dependent and exposed to low-quality products. It’s time to change that narrative,” he said.
He further revealed that many had doubted the feasibility of the refinery project. Some even advised him to abandon it, citing the inability of entire governments to build and run similar facilities. But the Dangote Group pressed on, determined to complete the project against all odds.
“At one point, we were at a crossroads—stop and lose everything, or keep going. We chose to keep going. Now, we’ve shown it’s possible to dream big and deliver.”
Dangote expressed hope that the refinery will inspire other entrepreneurs and governments across Africa to invest in industrial projects that add value and create jobs rather than exporting raw materials.
“True independence is not just political. It’s economic. If we keep depending on other countries for what we consume, we will never be free,” he declared.
In conclusion, Dangote urged the private sector to take ownership of Africa’s development. He called for confidence in national leadership and discouraged the habit of moving capital abroad.
“I don’t take my money out of Africa. I invest here because I believe in this continent. If we don’t have confidence in our own countries, why should anyone else?” he asked.