Dangote Reveals $25bn Investment in Nigeria’s Oil, Cement, Sugar Sectors in 7 Years
Aliko Dangote, Chairman of Dangote Group, has disclosed that his conglomerate has invested over $25 billion in sectors such as oil and gas, cement, and sugar in Nigeria over the last seven years.
Dangote made this announcement during a conversation on the sidelines of the recently concluded 79th United Nations General Assembly (UNGA 79) in the United States.
The billionaire explained that this substantial level of investment was intended to instill confidence in others, demonstrating that investing in Nigeria and, by extension, Africa is viable.
He acknowledged that although Africa faces challenges, these obstacles are not insurmountable.
“In areas where we have invested, we have made significant contributions in recent years, particularly in oil and gas, where we have spent—between the refinery, cement, and sugar backward integration—over $25 billion in seven years.
“Why are we doing this? It’s to show confidence. If we don’t take the lead by investing in our continent, it will be difficult for others to follow.
“We need to show the world that there is much happening in Africa, and the sky is the limit. Of course, there are a few issues here and there, but they are all solvable,” Dangote said.
Furthermore, Dangote outlined his vision of making Africa self-reliant, aiming to reduce the continent’s dependence on imported goods and services.
He emphasised the importance of generating jobs for Africa’s growing youth population by making large-scale investments across various industries.
He also expressed his desire to be remembered not merely as Africa’s wealthiest individual, but as someone who played a role in shaping the future of the continent.
“For me, whenever people refer to me as Africa’s richest person, I feel slightly uncomfortable or even upset. I’d much rather be seen as someone who is building Africa’s future. I invest heavily in Africa.
“Why am I investing? To show others that it’s possible. And we Africans must lead by example. We must ensure that we create jobs for our youth. That’s the legacy I want to leave—making Africa self-sufficient in what we consume,” he added.
