Aliko Dangote has called on Nigeria’s wealthy class to channel their resources into the country’s economy.
Speaking to journalists, the President of Dangote Industries said national development depends on local investment.
“No nation develops without significant investments,” he stressed.
Dangote criticised the habit of stashing wealth abroad, describing it as harmful to Africa’s growth.
He said corruption exists everywhere, but in many countries, illicit funds still circulate domestically, growing their economies.
“We need to invest here for the future of our unborn kids,” he urged.
Dangote highlighted the importance of bold, transformative projects to tackle Africa’s socio-economic challenges.
He cited job creation as a top priority for Nigeria’s growing population.
Discussing his $20bn refinery project, Dangote said his aim was to secure energy independence for Nigeria and Africa.
He lamented that, aside from Libya and Algeria, most African countries still import refined fuel despite abundant crude oil reserves.
“Africa is a dumping ground for substandard petroleum products,” he warned.
Dangote said many doubted his capacity to build the refinery, noting that some even advised him to abandon the project.
He admitted the project faced enormous challenges but said quitting was never an option.
“If I had known the challenges, I might not have started, but we believed nothing is impossible,” he said.
Dangote expressed hope that the refinery would inspire other African nations to invest in refineries and value-added industries.
He stressed that true independence requires economic self-reliance, not just political freedom.
“Import dependency will keep us trapped in poverty,” he said .