CEO, Dangote Group
ALIKO DANGOTE ADDRESSES DAY TWO OF AFRICAN CAUCUS 2026 IN BANJUL 07.07.26
About Aliko Dangote
Aliko Dangote, chairman and CEO of the Dangote Group, has recently addressed multiple regional and continental forums, including the 69th ECOWAS mid-year summit and the 2026 African Caucus in Banjul, The Gambia. At these events, he announced the "Dangote Vision 2030," a plan to invest $46 billion across Africa over the next four years, and stated that the group plans to launch a 700,000-barrel-per-day refinery in Lamu, East Africa. Dangote argued that no country has achieved high-income status without industrialization and called for an "African Industrialization Compact 2035" with measurable commitments from governments, the IMF, and the World Bank. He also said that Africa must move beyond exporting raw materials and that economic growth is not the same as economic transformation. Dangote has repeatedly criticized barriers to intra-African trade and movement, stating that a holder of a British passport can move more freely in Africa than an African passport holder, and he called for the full implementation of the African Continental Free Trade Area. He said that domestic investment is indispensable and that African pension funds and savings should be mobilized for continental development. Dangote also said that corruption does not stop business but is more pronounced in Africa due to weak institutions, and he argued that local investors must lead before foreign investors will follow.
Transcript (15 segments)
A
Aliko Dangote0:00
Thank you very much. I'm really delighted to be talking to an African audience. Before I read my speech, I want to mention the Dangote Vision 2030: in the next four years we have $46 billion to invest across Africa. We are starting to go to other countries. By September or October this year, we are going to launch another 700,000 barrels per day refinery in East Africa in Lamu.
Your excellencies, distinguished ladies and gentlemen, good morning. I'm highly honored to be invited by the President of the Republic of the Gambia. Permit me to begin with a proposition: No country in modern economic history has achieved high income status without industrialization. Not one. Industrialization has historically been the bridge between abundance of natural resources and abundance of prosperity.
Africa accounts for about 18% of the world's population, possesses 30% of global mineral reserves, nearly 60% of uncultivated arable land, and a youthful labor force projected to exceed 1 billion by 2050. Yet Africa remains the least industrialized region, with manufacturing contributing barely 10-11% of GDP. More than 70% of our exports are primary commodities. The continent loses $40-50 billion annually by exporting raw materials that are processed elsewhere and sold back at exorbitant prices.
Industrialization should not be viewed as one component of Africa's development strategy; it should be the central organizing framework. The global economy is fragmenting, supply chains are being redesigned, and the energy transition creates demand for critical minerals. These developments create risk but also the greatest industrial opportunity in half a century.
Africa's population will be 2.5 billion by 2050, with the largest workforce. If this labor force remains underemployed, demographic expansion could become instability. But if absorbed into manufacturing, agro-processing, logistics, it could become the most powerful engine of global growth. Industrialization is the most effective anti-poverty program. Every manufacturing job creates 5-6 additional jobs. Africa needs 20 million new jobs annually. In Nigeria, we have 8.7 million babies every year. We need to provide for future generations.
South Korea's manufacturing employment increased nearly fivefold between 1965 and 1990. China's industrial expansion lifted 800 million out of poverty. Vietnam increased manufacturing exports from $5 billion to over $300 billion. I visited Vietnam with President Obasanjo; I couldn't sleep because of mosquitoes, but look at their transformation. Nothing is impossible.
Industrialization requires scale, markets, and integration. No African country alone has sufficient market size. Africa's intra-trade is only 14-17% of total trade, compared to 70% in Europe. It costs me more to take goods from Nigeria to Ghana than from Spain. The African Continental Free Trade Area (AfCFTA) has potential to increase intra-African exports by 80% by 2035 and lift 50 million out of poverty. But trade agreements don't create industries; industries create trade. We must use AfCFTA as an industrialization platform.
The Dangote Group evolved from a trading company to Africa's largest industrial conglomerate. We run 18,000 trucks to move 60% of our goods. Our refinery and petrochemical complex in Lagos is a $20 billion investment, one of the largest single industrial investments in Africa. We built it ourselves as the EPC contractor. It shows that Africans can execute global projects at competitive scale.
The refinery can save billions in imported petroleum. By 2029, capacity will be 1.4 million barrels per day. On fertilizers: when the Ukraine war started, African countries had to beg for fertilizer. I said no, we cannot beg. Today we have 9 million tons under construction and 3 million tons producing. We are opening potash and phosphate mines in Congo. This will propel agriculture to the next level by 2030.
Our cement capacity is 55 million tons today, going to 62 million this year, and 100 million by 2030. West Africa (ECOWAS) imports 32 million tons of cement. Only four countries have sufficient limestone. You cannot develop without cement for infrastructure.
Industrialization is capital intensive. Africa's infrastructure gap is $100-170 billion annually. Pension assets are underutilized. Multilateral institutions can help derisk investment. African sovereign wealth and pension funds should scale towards productive investment. Total pension funds in Africa are almost $600 billion, but are we putting that to use? No. We need to wake up and do things ourselves.
Industrialization requires macroeconomic stability, energy investment, transport corridors, harmonized customs, education reform, and strong institutions. We are not implementing AfCFTA properly. If I hold a British passport, I move freer in Africa than an African. That must stop. A divided house does not stand.
Industrial policy should not be confused with protectionism. It identifies strategic sectors and coordinates investment. Government should create conditions for entrepreneurs to flourish. It requires a compact between government, businesses, financiers, and development partners. None can succeed alone.
Africa stands at an inflection point. What Africa lacks is not potential but sufficient productive capacity. Industrialization is an agenda for our dignity, sovereignty, and shared prosperity. Africa cannot be built on exporting crude oil and importing refined products, or exporting cocoa and importing chocolate. We must consume what we produce, possess what we extract, and trade more with ourselves. The 21st century can become Africa's century.
Nobody will come to invest in Africa unless we Africans lead. We must derisk investment. African entrepreneurs must stop taking money abroad. In Dangote Group, we are trying to show it is possible. Our Vision 2030 aims to be among the top 120 companies in the world with over $100 billion revenue. It is possible. We have done the numbers. African entrepreneurs, invest in your continent. There is a lot of appetite for investment in Africa. We must lead. I propose an African Industrialization Compact 2035 with measurable commitments. Let's get the potentials out of the way. Thank you.