President of Dangote Industries, Aliko Dangote has called on wealthy Nigerians and African entrepreneurs to invest in Nigeria and the continent, emphasizing that significant investments are essential for growth and development.
He criticized the practice of stashing wealth abroad, noting that other nations invest ill-gotten funds locally to boost their economies. Dangote highlighted his $20bn refinery project as a step toward Nigeria’s energy independence, aiming to reduce Africa’s reliance on imported petroleum products despite its vast oil reserves.
He noted that, except for Libya and Algeria, most African countries import refined products, making the continent a dumping ground for substandard fuel. Facing skepticism and challenges, Dangote persevered with the refinery to inspire other African nations to develop refining capacities and value-added industries, stressing that economic self-reliance is key to true independence and poverty reduction.
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