…Says capital flight, small thinking hinder Africa’s growth
…LBS, Strathmore laud refinery as symbol of African ambition
By Sahel Reporters – Lagos
President of Dangote Industries Limited, Alhaji Aliko Dangote, has charged African entrepreneurs and business leaders to commit their resources and expertise to the development of the continent, stressing that only Africans can truly transform Africa.
Dangote made the call while receiving participants of the Global CEO Africa Programme, jointly organised by Lagos Business School (LBS) and Strathmore Business School, Nairobi, at the Dangote Petroleum Refinery and Petrochemicals complex in Ibeju-Lekki, Lagos.
Addressing the 24 top executives from six African countries, Dangote emphasised the importance of large-scale, transformative projects in addressing Africa’s economic challenges.
“If you think small, you don’t grow. If you think big, you grow. It’s better to try and fail than never to try at all,” he said.
Citing the construction of the 650,000-barrels-per-day refinery as evidence of what is possible, Dangote said the group is now aiming to build the largest fertiliser plant in the world within 40 months.
He urged African business leaders to invest at home and stop repatriating wealth abroad, warning that capital flight continues to undermine the continent’s economic sovereignty.
“We, as Africans, must stop taking our money abroad. If we don’t show confidence in our economies, foreign investors won’t. That money should be left here to build our future,” he said.
The billionaire industrialist lamented the weak regional trade infrastructure, revealing it costs less to import goods from Spain than to transport products like cement from Nigeria to Ghana. He called for stronger banking systems, agricultural investment, and manufacturing capacity as key to job creation and long-term growth.
While acknowledging policy inconsistencies and infrastructural deficits across the continent, Dangote encouraged the CEOs not to be discouraged, describing challenges as necessary steps to achieving greatness.
Academic Director of the programme, Mr Patrick Akinwuntan, described the refinery as a monumental symbol of African capability.
“The goal of this programme is to inspire a new generation of leaders who see Africa as a unified market,” he said.
Dr Caesar Mwangi, Executive Dean of Strathmore Business School, commended Dangote’s vision, urging African CEOs to emulate his courage and boldness.
“This visit shows that if the Dangote Group can build the world’s largest single-train refinery, then others across Africa can equally dream big and act boldly,” he said.
Dean of Lagos Business School, Prof. Olayinka David-West, also described the refinery as a practical tool for driving intra-African trade through the African Continental Free Trade Area (AfCFTA).
Participants in the visit included Dr Rabiu Olowo, CEO of Nigeria’s Financial Reporting Council; Segun Aina, global banking leader; Nancy Njau, MD of Family Bank, Nairobi; Emmanuel Wakili of Ecobank Cameroon; and Ibukun Oyedeji, former President of CFA Society Nigeria.
Sahel Reporters News
