By Esther Ososanya
Africa’s path to industrialisation continues to be blocked by two stubborn barriers: poor electricity access and erratic government policies, according to the verdict from Africa’s leading industrialist, Alhaji Aliko Dangote, who, alongside philanthropist Tony Elumelu and former President Olusegun Obasanjo, laid out a bold, solution-driven agenda to unlock the continent’s economic potential.
Speaking during a high-level panel at the 32nd Annual General Meeting of the African Export-Import Bank (Afreximbank) in Abuja, Dangote warned that Africa’s industrial ambitions are faltering due to inaction on basic enablers.
“No Power, No Progress”
The President of Dangote Industries Limited said Africa’s decades-long struggle with electricity supply remains the most critical bottleneck for its industrial and manufacturing sectors.
“You cannot talk about industrialisation without electricity. And without consistent government policy, nothing works,” he said.
Dangote decried the failure of successive African governments to fix power infrastructure, warning that no investor will commit to long-term manufacturing in a region where factories run on generators and policy reversals are routine.
Private Sector Can’t Work Alone – Elumelu
Echoing similar concerns, Tony Elumelu, Chairman of Heirs Holdings and founder of the Tony Elumelu Foundation, challenged African leaders to create a supportive investment climate.
He stressed that capital alone is not enough; government and private institutions must collaborate intentionally.
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According to him, Africa must begin by supporting domestic investors, the entrepreneurs already taking risks on the continent, before chasing foreign capital.
“You don’t need to beg for foreign investment when your citizens are investing. Empower them, protect them, and growth will follow,” he said.
Elumelu, who invests in 20 African countries, praised Afreximbank for catalysing growth in sectors often neglected by commercial banks. He recounted how Afreximbank’s $600 million intervention helped expand oil production and industrial capacity in Nigeria, describing it as a model for private-public synergy.
Investing in Youth and Women is Africa’s Safety Net
Elumelu also underscored the need to empower Africa’s youth and women to reduce poverty and drive inclusive prosperity.
Through the Tony Elumelu Foundation, over 21,000 young African entrepreneurs have received $5,000 in non-refundable seed capital, and more than 1 million youths have been trained on business development through digital platforms.
“We must deliberately and consciously think of the next generation. We must democratise access to capital, skills and opportunity,” he said.
He further called on African multinationals and global donors to invest in the continent’s creative economy, particularly the booming film and music industries, which remain underserved by traditional finance.
Obasanjo: Corruption and Waste Are Africa’s Development Killers
In a fiery contribution, former Nigerian President Olusegun Obasanjo did not mince words on what he considers Africa’s biggest challenge, corruption.
He recounted how Nigeria was forced to repay a $10 million loan secured by a state for a donkey carpet factory that never existed. The land was never cleared, no factory was built, and yet Nigeria paid the debt due to binding legal terms.
“That’s the sort of financial waste that strangles development,” he added.
Obasanjo insisted that governments must block leakages, pass tough anti-corruption laws, and mobilise internal and external financial resources for infrastructure and social development.
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Afreximbank as Africa’s Development Catalyst
All three speakers credited Afreximbank with demonstrating how African-led institutions can catalyse transformative change. The bank’s interventions in trade finance, infrastructure, and industrial funding were praised as essential to achieving self-reliance on the continent.
“Afreximbank is not just writing cheques. They are helping us build Africa’s future. That is development banking in action,” Elumelu said.
Dangote urged for more support to be given to regional financial institutions that understand Africa’s unique challenges and are willing to take calculated risks on entrepreneurs.
The Bottom Line: Capital, Power, and Integrity
The pan-African message from the 32nd Afreximbank AGM is clear: Africa has the ideas, the talent, and the ambition to rise. But unlocking its full potential will require
Stable electricity to power industries, Consistent and transparent government policies, Access to capital for entrepreneurs and a war on corruption and waste.
“We cannot miss the fourth industrial revolution,” Elumelu warned. “Africa’s time is now, but only if we act.”
Esther Ososanya is an investigative journalist with Pinnacle Daily, reporting across health, business, environment, metro, Fct and crime. Known for her bold, empathetic storytelling, she uncovers hidden truths, challenges broken systems, and gives voice to overlooked Nigerians. Her work drives national conversations and demands accountability one powerful story at a time.