President and Chief Executive of the Dangote Group, Aliko Dangote, has urged African business leaders to make the continent their primary investment destination, emphasizing that meaningful development can only be driven from within.
He delivered this message during his address at the ‘Imo State Economic Summit 2025’ held on Thursday, where he highlighted the long-term value of domestic investment for Africa’s economic future.
Dangote commended President Bola Tinubu for what he described as bold and impactful reforms, stressing that policies implemented by the administration were beginning to reshape the business environment positively. According to him, decisions such as the removal of fuel subsidies have begun to yield visible benefits for industry players who understand the complexities of operating in Nigeria.
He stressed that African entrepreneurs must take the lead in shaping the investment climate. In his words, foreign investors are unlikely to commit resources to the continent if domestic investors fail to demonstrate confidence. Dangote explained that the presence of strong local investment serves as a magnet for international capital and proves that the business environment is promising.
He recounted a recent interview with CNN where he was asked why he expanded his refinery project to become the world’s largest, increasing its capacity from 650,000 barrels per day. Dangote said his decision was rooted in a strong commitment to invest “at home,” emphasizing that for him, Nigeria and the African continent remain the best places to create long-term value.
He reminded the audience that Africa holds immense untapped potential, boasting roughly 30 percent of the world’s mineral resources. Despite this wealth, he argued that the continent can only attract global competition and interest if African investors take the initiative by building industries and infrastructure. He noted that the Dangote Group has chosen to champion this responsibility by investing heavily across sectors to inspire greater economic participation from others.
Speaking further, Dangote underscored that reliable electricity supply is central to industrial expansion and broader economic transformation. “There can never be growth without power,” he said, applauding the Imo State Governor, Hope Uzodinma, for initiating a 375-megawatt electricity project that he believes will significantly improve the state’s economic prospects.
He assured the governor of his willingness to support development in the state and disclosed that the Dangote Group is preparing major investments in the fertilizer sector. He stated that by 2028, the company aims to become the leading producer of fertilizer in Nigeria, expanding its production capacity from 3 million tons of urea to 12 million tons.
Dangote also revealed that the refinery’s future plan includes boosting its processing capacity to about 1.4 million barrels per day, a scale he described as unprecedented globally. He noted that the biggest comparable operation currently processes 1.25 million barrels daily, adding that the Dangote Refinery will exceed this benchmark once the expansion is complete.
What You Should Know
Aliko Dangote’s remarks at the Imo State Economic Summit 2025 centered on the need for African entrepreneurs to lead the continent’s economic evolution by prioritizing domestic investment.
He argued that foreign investors rely heavily on strong local participation before committing capital to any region. Dangote praised President Bola Tinubu’s economic reforms and reaffirmed his own commitment to investing in Nigeria and Africa.
He highlighted the continent’s vast mineral wealth, emphasized the importance of stable power supply, and revealed ambitious expansion plans in both fertilizer production and refinery capacity, positioning the Dangote Group as a key driver of Africa’s industrial future.
