Dangote canvases tough policies to boost jobs, industry

Dangote canvases tough policies to boost jobs, industry

Barbara Bako, Abuja

Africa’s foremost industrialist, Aliko Dangote, has called for a continental shift in policy and mindset, warning that Africa will remain poor and jobless if it continues to serve as a dumping ground for foreign goods.

Speaking during a special session at the 32nd Annual Meetings of the African Export-Import Bank (Afreximbank) on Friday in Abuja, Dangote warned that Africa’s continued dependence on imports is fuelling economic fragility.

He said, “So that we can actually create jobs, because the issue is that once we remain a dumping ground we will never be able to create jobs. Once you continue to import, you’re importing poverty and exporting jobs out too.”

Referring to former U.S. President Donald Trump’s nationalistic trade policies, Dangote noted, “President Trump actually said this, where he said, make America great, or America first. So since it is America first, we should also say Africa first. We should try and create jobs.”

He added, “The real issue for us is that we have actually not grown as much as Asians… A majority of them, they believe in their own continent… Most of them, they invest their money at home.”

On Capital Flight and Domestic Investment:
Dangote lamented the trend of capital flight by African elites saying, “In Africa, the issue is that, yes, some people, they do make money legally. Some of them, they make their own money illegally. But the majority of people, they take the money out of the continent.”

Backing Local Industry Through Policy
Dangote pointed to his company’s success in cement as an example of how smart industrial policy can drive transformation.
On Challenges and Wins in Refinery and Fertilizer:
Dangote also spoke about the refinery project, now delivering jet fuel and diesel to the U.S. and Asia, and exporting fertilizer globally.

He Lauded the country for producing about 37% of Nigerian fertilizer that goes to the U.S.

Looking back, he said, “If we knew what we were going to go through, we wouldn’t have tried. But it’s good that we didn’t know. At least we’ve been able to deliver.”

While praising Afreximbank and other African lenders Dangote said, “Without the support of our bankers, led by Afreximbank… it wouldn’t have been possible at all.”

On Corruption and Mindset
Dangote argued that corruption, while global, harms Africa more due to capital flight: “Corruption is all over the place. The only difference is that our corrupt people… fly the money out of the continent.”

“If they continue to invest here, fine, then the economy will grow. So you’re saying if you want to be corrupt, please reinvest that money in Africa,” he added.

On Africa’s Global Position
Asked about geopolitical tensions and the global scramble for Africa’s resources, Dangote responded: “Why do you want to bother going to the U.S.? The U.S. should want to come to Africa because of the resources.”

“We have 60% of the world’s arable land… gold, lithium, diamonds, everything… Don’t come and take my cocoa and process it over there… sell the chocolate to me 20 times [the price]. So let us make our continent a productive continent,” he added.

On The Role of African Institutions
Asked about the best development partners for Africa, Dangote replied: “I think now we have a couple of players, but the main Maradona resource is African banks. If we can have ten institutions like African banks, it will be totally a different story.”

He said, “Even if I’m not going to make money, I would rather invest in banks that have the same vision like African banks. Because that’s the only way that we can develop our continent.”

On Supply Chain Reform and Future Listings
He also revealed a new logistics initiative saying, “Give us a location all over Nigeria… we’ll deliver to you, zero charge. I think we’re actually coming back into the economy of almost 1.2 trillion Naira.”

Dangote confirmed plans to list the fertilizer company this year and the refinery next year.

He said “We want the public to own shares. When people own it, they stop calling it a monopoly.”

Ending on a note of optimism, he said: “Africa can only be made great by Africans.”