"We can turn Africa into a 'heaven' in the next five years" — Dangote

Business Insider

a day ago

Africa's richest man, Aliko Dangote, has urged Africans to adopt bold thinking and a long-term mindset, asserting that the continent could be transformed into a 'heaven' within just five years.
Aliko Dangote, Africa's richest man, advocates for bold thinking and long-term vision to transform the continent within five years.
Dangote emphasized that Africans must believe in their potential to make the continent productive and growth-focused.
He has spearheaded major investments, including the $20 billion Dangote Refinery in Lagos, the world's largest single-train oil refinery.
Africa's richest man, Aliko Dangote, has urged Africans to adopt bold thinking and a long-term mindset, asserting that the continent could be transformed into a 'heaven' within just five years.
He made the remarks on Friday while speaking at the 32nd Annual Meeting of the African Export-Import Bank (Afreximbank).
'We can actually turn Africa into a heaven in the next five years. It doesn't take time. Like I keep saying: You need to think big, and then you grow big,' Dangote stated.
'We African champions should know that we are the only people who can make Africa great. Nobody will do that for us. So, as such, we need to make sure that we concentrate. We believe in our own continent. The job of people like us is not about amassing wealth. It's about creating wealth," he said.
Africa's foremost industrialist has long championed investments in the continent's development. His commitment recently drew praise from the Nigerian government for prioritizing national advancement over the allure of tech windfalls.
Rather than betting on global giants like Amazon, Microsoft, or Google, investments that could have boosted his net worth to $120 billion, Dangote chose instead to build the world's largest single-train oil refinery in Lagos.
Reshaping Africa's energy future
Valued at $20 billion, the Dangote Refinery is now Africa's biggest and a transformative force in the region's energy sector.
Although delayed for several years, the refinery officially began production of diesel, naphtha, and jet fuel in January last year, followed by petrol production in September.
The massive facility surpasses the capacity of Europe's 10 largest refineries. According to the Organisation of the Petroleum Exporting Countries (OPEC), Dangote's oil push in Nigeria is already starting to disrupt the European oil market.
Economists suggest that the Dangote refinery could potentially end the long-standing gasoline trade from Europe to Africa, which is valued at $17 billion annually.
Earlier this year, Aliko Dangote projected that his conglomerate is on track to generate $30 billion in total revenue next year, despite growing concerns among global businesses about the potential impact of U.S. President Donald Trump's trade tariffs.