Aliko Dangote, chairman of the Dangote Group, has said that his business conglomerate invested over $25 billion in industries such as oil and gas, cement, and sugar in Nigeria over the past seven years.
Dangote made this revelation during a conversation on the sidelines of the recently concluded 79th United Nations General Assembly (UNGA 79) in the US.
The billionaire businessman said that this level of investment was intended to demonstrate confidence to others that it is feasible to invest in Nigeria and, by extension, Africa.
Dangote admitted that Africa faces certain challenges, but insisted these were not insurmountable.
“In areas of our investment, we’ve invested heavily in the last couple of years in oil and gas which we spent —between the refinery, cement, sugar backward integration—in seven years we have over $25 billion.
“Why are we doing that? We are doing that to show confidence. If we don’t move by investing in our continent, it will be very difficult for other people to come in and invest.
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“We need to tell them that there are quite a lot of things happening in Africa and the sky is the limit. Yes, of course, there are some few issues here and there, but those issues are solvable,” Dangote said.
In addition, Dangote shared his vision of making Africa self-sufficient, aiming to reduce the continent’s dependency on imported goods and services.
The chairman highlighted the need to generate jobs for the continent’s burgeoning youth population through significant investments in diverse sectors.
He also expressed a desire to be remembered not just as Africa’s richest man, but as someone who contributed to shaping the continent’s future.
“To me, I think anytime people address me as the African richest person, I really get a little bit uncomfortable or upset. I’d rather be called somebody who creates the future of Africa. I invest a lot in Africa.
“Why am I investing? It’s to show people that it is doable. And we Africans must lead in terms of this. We must make sure that we find jobs for our youths. That’s the kind of legacy I want to leave. It is to make Africa self-sufficient for what we consume,” he added.
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