Aliko Dangote on economic sovereignty
From Top Tips for Success from Aliko Dangote, Africa's Richest Man · · Entrepreneurial Vision
“The differences you know we have between the countries that speak French and let's say it Nigeria it's that we have taken control of our own destiny we control the economy of our country and I prefer to apologize to all the people this is going to annoy but we we control our economy which is not the case for most French-speaking countries where citizens do not have control over their economy. These economies are often controlled by foreigners who sometimes even dictate their terms and conditions, governments and even to all the world.”
On , Aliko Dangote, CEO at Dangote Group, spoke about economic sovereignty during Top Tips for Success from Aliko Dangote, Africa's Richest Man on Entrepreneurial Vision.
About Aliko Dangote
Aliko Dangote, founder and CEO of the Dangote Group, has been promoting large-scale industrial projects across Africa. He stated that the group plans to invest $45 billion in new investments between 2026 and 2030, including a proposed 650,000-barrel-per-day oil refinery in East Africa, which he said would be identical to the one in Nigeria. Dangote said piling has already started on an expansion of the Nigerian refinery to 1.4 million barrels per day, which he described as potentially the largest in the world and equivalent to 10% of U.S. refining capacity. He also discussed plans to increase urea production from 3 million to 12 million tons annually, which he said would make the company the world's largest producer of urea. Dangote has spoken about the need for African governments to provide consistent policies and support for domestic investors. He said that Africa must stop exporting raw materials and instead process them locally, arguing that exporting raw materials "exports jobs" and importing finished goods "imports poverty." He noted that the Dangote Group is targeting a September 2026 initial public offering for the refinery, with dividends to be paid in dollars, and said there has been strong investor demand, with requests approaching $2 billion in a private placement. Dangote also said he is a member of the African Renaissance group, which he described as a group of 54 African business leaders who meet annually in Kigali, Rwanda.