Dangote to African CEOs: Only Africans Can Truly Develop Africa
LAGOS – Africa’s richest man and industrialist, Aliko Dangote, has charged African business leaders to take the lead in transforming the continent through bold investments and visionary projects. Speaking to participants of the Global CEO Africa Programme during a visit to the Dangote Petroleum Refinery & Petrochemicals Complex in Ibeju-Lekki, Lagos, Dangote declared, “Africans must develop Africa.”
The business mogul, who serves as President and CEO of Dangote Industries Limited, urged African entrepreneurs and high-net-worth individuals to stop exporting capital abroad and instead commit to building up their own economies.
“You think small, you don’t grow. You think big, you grow,” Dangote told the 24 CEOs in attendance from six African countries, encouraging them to embrace large-scale, transformative ventures.
Reflecting on the journey of building the world’s largest single-train refinery, Dangote revealed that despite widespread scepticism, the group remained undeterred. “There will always be challenges. But life without challenges isn’t exciting. What matters is overcoming them,” he said.
With the refinery now operational, he expressed confidence in the group’s ability to scale even greater heights. “We’re already planning to make our fertiliser company the largest in the world within 40 months,” he added.
Dangote lamented Africa’s continued economic dependency, despite decades of political independence. He drew parallels with countries like Dubai and Singapore, which were once on par with many African nations but are now global economic powerhouses.
“Why should it cost less to import from Spain than to move cement from Nigeria to Ghana?” he asked, highlighting the need for better regional integration and infrastructure across Africa.
He urged CEOs to trust their governments and invest locally. “Foreign investors won’t have confidence in Africa if we don’t show it first. We know our leaders better than outsiders. Let’s take the lead,” he said.
The visit was part of a tri-continental learning tour under the Global CEO Africa Programme, a partnership between Lagos Business School (LBS) and Strathmore Business School, Nairobi. The programme aims to shape a new generation of business leaders with a pan-African mindset.
Patrick Akinwuntan, Academic Director of the programme and former MD of Ecobank Nigeria, praised the refinery as a tangible symbol of African potential. “This is proof that vision goes beyond sight. It’s an inspiration to us all,” he said.
Dr. Caesar Mwangi, Executive Dean of Strathmore Business School, said the visit had reinforced the belief that Africa’s development lies in its own hands. “This refinery is evidence that we must dream, think, and act big,” he declared.
Prof. Olayinka David-West, Dean of LBS, lauded Dangote’s leadership and resource mobilisation. “This refinery doesn’t just produce fuel—it powers Africa’s economic aspirations,” she noted, pointing out its alignment with the goals of the African Continental Free Trade Area (AfCFTA).
The visit also featured Dr. Rabiu Olowo, CEO of Nigeria’s Financial Reporting Council, and prominent business leaders including Segun Aina, Nancy Njau (MD of Family Bank, Nairobi), Emmanuel Wakili of Ecobank CEMAC, and former CFA Society Nigeria President, Ibukun Oyedeji.
As Africa faces growing youth unemployment and infrastructural gaps, Dangote’s message was clear: the time to act is now. “If we don’t do it, nobody will. Africa’s future lies in the hands of Africans,” he concluded.
