Aliko Dangote, founder and president of the Dangote Group, has raised concerns that foreign interests are actively working against Africa’s economic progress. Speaking at the Investing in Africa forum during the IMF-World Bank Spring Meetings in Washington, DC, the billionaire industrialist emphasized the need for Africans to take greater control of their development.
Dangote highlighted the importance of regional economic cooperation, arguing that the success of a continent-wide free trade system depends heavily on strong regional markets. According to him, the vision of a single African market cannot materialize unless existing regional trade systems function effectively and cohesively.
He further pointed to structural challenges in Africa’s industrial sector, particularly the lack of refinery development across the continent. Dangote noted that despite the continent’s vast resources, external interests have played a role in slowing down or preventing refinery projects in several African countries.
On the issue of foreign investment, Dangote stressed that global investors are often cautious due to perceived risks associated with Africa. He argued that the solution lies within the continent itself, urging Africans to take the lead in investing locally to demonstrate confidence and reduce perceived risks for outsiders.
Calling on wealthy Africans to reinvest in their home economies, Dangote warned against keeping capital in offshore accounts. He maintained that meaningful foreign investment will only follow when Africans show clear commitment by investing their own resources, signaling seriousness and long-term confidence in the continent’s growth.
source: The Cable