…Recounts challenges in building $20bn refinery to boost Nigeria’s self-reliance
By Muhammad B. Muhammad
President and Chief Executive of Dangote Industries Limited, Aliko Dangote, has called on wealthy Nigerians to prioritize local investments as the surest path to national development. He emphasized that no country can grow without substantial investment from within.
Speaking to a select group of journalists, Dangote criticized the persistent trend of capital flight, urging African entrepreneurs and elites to stop hoarding wealth abroad and instead invest in their home countries. “Real development requires real commitment,” he said. “It is only through such commitment that we can drive true growth.”
Dangote stated that while corruption exists everywhere, countries that grow are those where wealth—illicit or not—is reinvested locally. “In other nations, even when there’s corruption, the funds are used to develop their economy. Here, we stash it in foreign banks, and it benefits nobody at home,” he lamented.
Addressing the inspiration behind his $20 billion refinery project, Dangote said he took on the challenge to help Nigeria achieve energy independence and serve as a catalyst for broader African industrial growth. Despite overwhelming challenges, he remained committed to seeing the project through.
“Many people didn’t believe we could do it. Some even advised us to abandon the project. But I wanted Nigeria to stop being a slave to imported petroleum products despite our vast crude reserves,” he stated. He described the journey as daunting, noting that had he fully understood the scale of obstacles, he might not have started.
Africa, he noted, has over 125 billion barrels in proven oil reserves, yet most countries on the continent still import refined petroleum. Only Algeria and Libya are currently self-sufficient. “The rest of Africa is a dumping ground for substandard fuels,” he said.
Dangote’s hope is that the refinery will inspire a wave of industrial investment across Africa, helping countries move from raw material exporters to producers of finished goods. He asserted that true independence is not just political—it must be economic.
“If Africa continues to depend on imports, we will never be free. We must build our economies from within,” Dangote said.
