Aliko Dangote, President of Dangote Industries Limited (DIL), has raised concerns that Africa is turning into a dumping ground for substandard petroleum products, a result of the continent’s heavy reliance on fuel imports.
In a recent media interview, as disclosed in a statement on Tuesday, Dangote explained that his decision to construct the Dangote Refinery was born from a deep desire to make Nigeria self-sufficient in refined petroleum products.
He said he also hoped to inspire similar industrialisation efforts across the continent, despite encountering numerous obstacles and opposition.
The billionaire industrialist emphasised that the monumental project was guided by a broader vision, to secure energy independence not just for Nigeria, but for Africa as a whole.
“Apart from Algeria and Libya, which are self-sufficient, virtually every other African country is an importer,” Dangote said.
Dangote recalled how many sceptics questioned his group’s ability to execute a project of such magnitude. Some critics even advised abandoning the venture, pointing to the repeated failures by governments to implement similar plans.
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He said: “People think building a refinery is like building a house. But, as I always say, if I had known the scale of challenges we would face, I wouldn’t have started at all,” the billionaire said.
“We were fortunate as a group because we didn’t fully grasp what we were getting into, but we believed that nothing is impossible.”
According to Dangote, the company reached a critical point where it had to either abandon the initiative or persevere to completion. “We chose to keep going and see it through,” he said.
He expressed hope that the refinery will inspire other African countries to strengthen their refining capacities and shift from raw exports to value-added production.
Addressing Nigeria’s wealthy class, Dangote appealed for increased local investment, saying this was the only viable path to national development. He stressed that real progress cannot be achieved without substantial domestic capital input.
Criticising the trend of transferring African wealth overseas, Dangote encouraged entrepreneurs and affluent individuals to reinvest in their home countries. “True development only comes through local commitment,” he asserted.
“No country thrives without major investments,” Dangote continued. “I urge all wealthy Nigerians to invest in our country for the benefit of future generations.”
He added that while corruption exists globally, the difference is that corrupt nations often reinvest stolen funds locally to boost economic growth. “In Africa, those funds often end up in foreign banks, offering no benefit to our economy,” he lamented.
