Dangote to wealthy Nigerians: Invest in Nigeria

Reveals how he built $20bn refinery

President and Chief Executive of Dangote Industries Limited, Aliko Dangote, has urged wealthy Nigerians to invest in Nigeria, as it is the only way to build the nation. He said there is no two ways about it: real growth and development cannot happen in a nation without significant investments.

He criticised the tendency of African wealth being exported and stashed abroad, calling on the continent’s entrepreneurs and affluent individuals to invest at home. “It is only through such commitment that we can drive true development,” he added.

In a chat with select media men, recently, Dangote said: “No nation develops without significant investments. I appeal to all wealthy Nigerians to look inward and invest here, in Nigeria, for the future of our unborn kids. There is hardly any country without corruption, but the difference between there and here is that, in those other corrupt nations, they invest the stolen funds in their country and grow their economy rather than keeping it in foreign banks that will not in any way impact positively on the economy.”

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According to him, what Africa truly needs are bold, transformative projects capable of addressing its longstanding socio-economic challenges, particularly the creation of jobs for its growing population.

Speaking of his decision to defy the odds in building the $20bn refinery, he said he was determined to see Nigeria become self-sufficient in refined petroleum products and to serve as a catalyst for other African nations, despite numerous challenges and opposition.

He explained that he undertook the ambitious project to secure energy independence for Nigeria and the wider African continent.

He stressed that, except for Libya and Algeria, most African countries still rely heavily on imported refined petroleum products, despite the continent’s abundant crude oil reserves.

“Apart from Algeria and Libya, which are self-sufficient, virtually every other Africa country is an importer,” Dangote said, underscoring the urgent need for operational refineries on the continent.