The industrialist says Africa must end its dependence on exporting raw materials and importing finished products by building stronger industries and processing resources within the continent.
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| Aliko Dangote says Africa must strengthen local industries and process more of its raw materials within the continent. |
Africa’s industrial transformation must remain a priority for the continent, according to Nigerian industrialist Aliko Dangote, who said he would be willing to make personal sacrifices to help move Africa towards greater economic independence.
Dangote made the remarks while discussing Africa’s economic future, industrialisation and investment, stressing that the continent must develop the capacity to produce more of what it consumes instead of relying heavily on imported goods.
The businessman said Africa could eventually face serious financial difficulties if it continues to spend its resources importing products that could be manufactured within the continent.
Dangote argued that local industrial production would create jobs, strengthen economies and allow African countries to retain more value from their natural resources.
He also called for an end to the long-standing practice of exporting raw materials without sufficient processing, saying African resources should increasingly be transformed into finished or semi-finished products within the continent.
In a strongly worded statement, Dangote said he would rather dedicate himself to saving the continent economically, even at significant personal cost, because he believes Africa must reach what he described as the “promised land.”
He said the continent must eventually move away from a system in which raw materials are taken out of Africa, processed elsewhere and then returned to African markets as finished products at higher costs.
Dangote further argued that African governments could eventually introduce stronger policies to encourage local processing once the benefits of industrial value addition become clearer.
His comments come as he continues to expand investments across major sectors, including refining, fertiliser production and power. PUNCH reported separately that Dangote Group plans to invest more than $10 billion in the power sector, with the businessman identifying electricity supply as a major factor in Africa’s industrial development.
Dangote has repeatedly argued that Africans must demonstrate confidence in the continent by investing in its industries and building businesses capable of meeting local and regional demand. The International Finance Corporation has also documented his emphasis on African investment and industrial development as part of his broader business strategy.
The industrialist’s latest comments place local production, value addition and industrialisation at the centre of his vision for Africa, with the argument that stronger domestic industries can reduce dependence on imports while creating jobs and expanding economic opportunities across the continent.