Africa’s wealthiest individual, Aliko Dangote, has revealed that his business conglomerates have invested over $25 billion in the oil, cement, and sugar sectors over the past seven years in Nigeria.
This significant investment, he said, is aimed at bolstering the country’s economy and inspiring confidence among other investors, both locally and internationally.
Dangote made these remarks during the 79th United Nations General Assembly (UNGA 79) held in the United States, where he engaged with global leaders and stakeholders on Africa’s development prospects.
“We need to show the world that there is immense potential in Africa, and the sky’s the limit,” Dangote said. “Yes, of course, there are challenges, but they are solvable.”
This monumental investment, according to Dangote, underscores his dedication to making Nigeria and Africa more self-reliant by reducing the continent’s dependency on imported goods and services.
He emphasized that his long-term vision is to make Africa self-sufficient, while also leaving a legacy of someone who contributed to the continent’s growth and future.
Speaking on the global shift towards renewable energy, Dangote noted that transitioning from fossil fuels to renewable sources is inevitable but will take considerable time, particularly in Africa, where energy needs are still largely unmet.
He highlighted that the process of replacing oil, which remains a crucial resource, will be gradual due to the vast number of products derived from it.
“Transitioning doesn’t happen in one day. It will happen over a period of time. If we move straight into renewable energy without bridging the gap, we will suffer greatly,” Dangote cautioned.
He further emphasized the reality that Africa still has 600 million people without access to electricity and must rely on available resources like natural gas and coal to meet immediate energy demands.
“We don’t have fuel, and if we don’t address that, the transition will be disastrous. Right now, we are transitioning from fossil fuels to compressed natural gas (CNG),” he added.
In line with global trends, Dangote also expressed his company’s commitment to investing in renewable energy, stating that they plan to lead in opportunities that arise in this sector.
Having successfully established industries such as a refinery and a fertilizer plant, Dangote believes that renewable energy is the next logical step for the conglomerate.
“We have built a refinery, a fertilizer plant, and expanded into other key industries. Now, it’s time to move into renewable energy,” he said.
As one of Africa’s largest private sector employers, Dangote’s commitment to both traditional and renewable energy sources is seen as a strategic move to balance the continent’s current needs while planning for a sustainable future.
While known primarily for his immense wealth, Dangote emphasized that his ultimate goal is to be remembered not just for his financial success, but for his contributions to Africa’s development.
His investments, he believes, are paving the way for other businesses and governments to recognize the potential that exists in the continent.
He also remains optimistic about Africa’s ability to solve its challenges, urging other investors to explore opportunities in Africa, despite the obstacles they may face.
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