Africa’s richest man and foremost industrialist, Alhaji Aliko Dangote, has stated that the transformation of the continent’s economy through industrialisation cannot be done by foreigners.
He called on African investors to demonstrate an uncommon sense of patriotism by strategically investing in key sectors of the economies of African countries to drive industrial growth.
He said foreigners are not interested in developing Africa, adding that his goal is to continue making investments that would contribute significantly to developing the continent economically.
Dangote stated this during a courtesy call on Zambian President, Mr. Hakainde Hichilema.
Stressing the need to explore the continent’s natural endowments in driving economic growth, Dangote said African countries should be processing and exporting finished goods, not raw materials. According to him, countries exporting raw materials are exporting jobs, while those investing in industries for processing goods are creating jobs in the continent.
He reaffirmed the group’s commitment to supporting the Zambian government in boosting the economy by investing in advancing energy solutions, deepening the growth of the manufacturing and agricultural sectors.
While stressing that Zambia needs a significant amount of power to accelerate industrial growth, the billionaire industrialist noted that the Southern African country is endowed with rich natural resources, such as coal, that can be harnessed to produce it. He said the country can start with what it has before going for other options like solar, which it currently doesn’t have.
He stressed that power is central to driving industrial growth. “You have the coal; it is there and you should use it to generate power. Without power, there is no growth. No growth without power. When you have power, you will actually unleash growth,” Dangote told the Zambian president during the meeting.
READ ALSO: Dangote Refinery Slashes Gantry Price of Petrol to ₦828/litre as Competition Heightens
He said that being a landlocked country is an opportunity for Zambia to explore its unique natural endowments to develop and compete with other countries in the region.
Apart from energy and agriculture, Dangote also hinted at supporting the country’s efforts at tackling climate challenges.
“We should use our God-given resources to develop and we are ready to partner with the government to actually follow this trajectory,” Dangote stated in his opening remarks at the meeting, adding that the partnership will be a win-win situation.
He also expressed optimism that the African Continental Trade Agreement (AfCFTA) would help accelerate the agenda.
On his part, President Hichilema hailed Dangote’s commitment and stated that Zambia is ready to collaborate with the Dangote Group to provide new opportunities for industrial growth and regional cooperation. These activities are consistent with the country’s 8th National Development Plan (2022-2026), particularly in the manufacturing, energy, and agricultural sectors.
In a statement released on Thursday, the Dangote Group said that since the establishment of Dangote Cement Zambia Limited (DCZL), the subsidiary has contributed significantly to the country’s manufacturing sector. The group said over $500 million has been invested in a 1.5 MTPA integrated cement plant in Ndola with a 30 MW captive power plant and over 400 distribution trucks.
READ ALSO: Dangote Seeks $5bn Loan from Afreximbank for Refinery Expansion
The company also said it has produced more than eight million tonnes of cement, transforming Zambia from a net importer to a major exporter within the SADC region.
The company employs over 1,200 people directly and supports more than 5,000 jobs indirectly through its local value chains. “All raw materials are sourced locally, reinforcing its commitment to Zambian enterprise,” it stated.
In terms of sustainability, Dangote Group said it has replaced over 30 per cent of fossil fuels with alternative energy sources such as used tyres, municipal waste, and agricultural by-products.
Victor Ezeja is a passionate journalist, scholar and analyst of socioeconomic issues in Nigeria and Africa. He is skilled in energy reporting, business and economy, and holds a master's degree in mass communication.
