Aliko Dangote, Africa’s wealthiest businessman, has called for a bold shift in the continent’s economic strategy, advocating for a protectionist “Africa First” industrial policy. Speaking at the 32nd Annual Meetings of Afreximbank in Abuja, he emphasized the need to reduce reliance on imports and foreign aid, arguing this dependency is draining jobs and impeding development.
Dangote drew from personal experience to highlight the connection between import dependence and poverty, stating, “As long as we’re a dumping ground, we can’t generate employment.” He urged African nations to take a cue from protectionist policies like “America First” and adopt a similar mindset to prioritize job creation on the continent. Citing Asia’s economic success, he argued that true progress comes when entrepreneurs invest at home, not abroad—a habit he says is still lacking in Africa.
He pointed to Nigeria’s cement industry as a policy success story. Under a past government initiative, companies were required to establish local factories in order to gain import licenses. According to Dangote, this move transformed Nigeria from a top cement importer to the continent’s largest exporter, boosting production from under 2 million tons to over 60 million tons annually. His company alone expects to add $500 million to Nigeria’s export revenue through a new factory.
To drive industrialization, Dangote said African nations must make hard decisions like imposing tariffs to protect local businesses from cheap imports, likening an unguarded economy to sleeping with open windows “while mosquitoes disturb your rest.”
He also identified two key obstacles to industrial growth: unreliable electricity and inconsistent government policies—both of which, he noted, deter investment.
Highlighting his company’s achievements, Dangote revealed that his refinery is already exporting jet fuel to global markets, while 37% of his fertilizer output is being sold in the U.S. These accomplishments, he said, show the potential of ambitious industrial projects, though he admitted the journey was tougher than expected and wouldn’t have been possible without support from institutions like Afreximbank.
On corruption, Dangote offered a candid take, asserting that while it exists globally, Africa suffers more because stolen funds are often taken out of the continent, whereas in other regions, illicit money tends to stay local and still circulate in the economy.
He challenged fellow African entrepreneurs to take the lead in transforming the continent, stressing that only they can build Africa’s future. “We’re the ones who must make Africa great,” he declared, adding that the true role of industrialists is to “create worth”—not just wealth—by generating jobs and driving economic expansion.
Dangote underscored the importance of prioritizing domestic investment, saying foreign investors are unlikely to come unless locals lead the way. He praised African financial institutions, especially Afreximbank, calling them crucial to unlocking trade and development. With ten such banks, he believes, Africa could become a “heaven” within five years.
He also unveiled plans for a zero-cost nationwide delivery system for fuel and diesel in Nigeria to stimulate competition and improve distribution efficiency. Looking ahead, he announced that his fertilizer company will go public this year, followed by his refinery next year, aiming to broaden ownership and address monopoly concerns.