Dangote urges Africa's economic transformation

Aliko Dangote, president and CEO of Dangote Group, has urged African business leaders to spearhead the continent's transformation. Speaking at the recent African Renaissance Retreat in Kigali, Rwanda, Dangote highlighted Africa's vast potential despite its challenges.

With 30% of the world's mineral reserves, including gold, cobalt, uranium, platinum, and diamonds, as well as 65% of global arable land and 10% of internal renewable freshwater, Africa has significant opportunities for inclusive growth.

“We have 65% of the world’s arable land and 10% of the planet’s internal renewable freshwater sources. Together these present a myriad of opportunities for robust, inclusive growth that harness our abundant human potential and natural resources to increase prosperity, not just in Africa but across the globe,” said Dangote. He emphasised that Africa is at a pivotal moment, with the world’s youngest and fastest-growing population, expanding cities, and increasing adoption of innovation and technologies like AI.

Despite hurdles like visas, changing government policies, technical talent shortages, infrastructure deficits, foreign exchange challenges, inflation, high capital costs, and conflicts, Dangote noted that the Dangote Group has expanded from Nigeria into 14 African countries. It operates across multiple sectors, including cement, fertilizers, sugar, oil refineries, petrochemicals, and agriculture. “The good news is that despite these challenges, we have succeeded in building a pan-African Group that employs over 50,000 people and generates revenues that should exceed US$30bn by the end of 2025,” he said.

Dangote, who initiated the retreat, explained that he had long envisioned bringing African business leaders together to address the continent's challenges, find solutions, and position Africa as an attractive investment destination. The retreat aimed to foster collective action on issues such as conflicts, energy and food security, supply chain disruptions, the debt crisis, and access to concessional funding.

“This small private and high-level gathering to discuss these issues and align on how we will own and shape our narrative for development is long overdue. With the foremost entrepreneurs on the continent, the leaders of the largest pan-African companies, those at the helm of the most important development institutions in Africa, our brothers and sisters leading global institutions, our leading investors, our pre-eminent civil society activists and a few of our most respected political leaders, this first step will be an opportunity to have a frank and honest dialogue amongst ourselves to consolidate what we see as our common ground,” Dangote said. He added, "we are coming together not just as leaders in our respective institutions but as visionaries and catalysts for transforming our societies. It is our collective responsibility to play our role in transforming our continent. Nobody will do it for us but us – especially us in this room.”