Dangote Urges African CEOs to Invest Boldly in Africa’s Growth

Dangote Urges African CEOs to Invest Boldly in Africa’s Growth

Lagos, Nigeria — Africa’s richest man and President of Dangote Industries Limited, Aliko Dangote, has called on African entrepreneurs, business leaders, and high-net-worth individuals to take ownership of the continent’s future by investing in transformative projects that drive development and prosperity.

Speaking during a visit by participants of the Global CEO Africa Programme—jointly organised by the Lagos Business School (LBS) and Strathmore Business School, Nairobi—Dangote stated that Africa’s economic liberation lies in the hands of Africans. The delegation toured the Dangote Petroleum Refinery and Petrochemicals in Ibeju-Lekki, Lagos, which is the world’s largest single-train refinery.

L-R, Vice President, Oil and Gas, Dangote Industries Limited, Devakumar Edwin; President / CE, Dangote Industries Ltd, Aliko Dangote; Dean of Lagos Business School ( LBS) Professor Olayinka David-West, during the visit of LBS’ Global CEO Africa Programme Cohort 5 to Dangote Petroleum Refinery and Fertiliser Plant in Ibeju-Lekki Lagos on Thursday July 10,2025.

 

“We, as Africans, must stop taking our money abroad. We should invest it here to build our countries and the continent,” Dangote declared. “If we don’t show confidence in our own economies, no foreigner will. After all, we know our leaders better than anyone else.”

He said the successful completion of the $19 billion refinery, despite initial scepticism and numerous challenges, proves that large-scale, high-impact infrastructure is achievable within Africa.

“Now that we’ve built this refinery, we believe we can do anything,” Dangote said, revealing plans to make the group’s fertiliser company the largest in the world within 40 months.

L-R, Strathmore Busses School (SBS) Director of Academic Carol Musyoka; Director of Academic Lagos Business School (LBS) Patrick Akinwuntan; Vice President, Oil and Gas, Dangote Industries Limited, Devakumar Edwin; President / CE, Dangote Industries Ltd, Aliko Dangote; Dean of Lagos Business School ( LBS) Professor Olayinka David-West; Executive Dean of Strathmore Business School(SBS) Nairobi Kenya, Dr. Caesar Mwangi, during the visit of LBS’ Global CEO Africa Programme Cohort 5 to Dangote Petroleum Refinery and Fertiliser Plant in Ibeju-Lekki Lagos on Thursday July 10,2025.

 

"Think Big to Grow"

Dangote encouraged the visiting CEOs to think beyond limitations and embrace bold ventures that can deliver long-term impact.

“If you think small, you don’t grow. If you think big, you grow,” he advised. “It’s better to try and fail than never to try at all.”

Highlighting Africa’s abundant human and natural resources, Dangote stressed that economic development must not be left to governments alone. He called on the private sector to partner with national leadership and create jobs for the continent’s youthful population.

Group Photograph of the Team from Lagos Business School’s Global CEO Africa Programme Cohort 5 during their visit to Dangote Petroleum Refinery and Fertiliser Plant in Ibeju-Lekki Lagos on Thursday July 10,2025.

Bridging the Infrastructure Gap

He decried the poor intra-African trade and logistics inefficiencies, citing how transporting cement from Nigeria to neighbouring Ghana is more expensive than importing from Spain. He called for stronger transport interconnectivity and a deliberate push for economic independence.

“Many African countries achieved political independence decades ago, but we are still far from being economically independent,” Dangote said.

Refinery Symbolises Africa’s Potential – Business School Leaders

Academic Director of the Global CEO Africa Programme, Patrick Akinwuntan, described the visit as transformational. According to him, the programme was designed to expose CEOs from across Africa to iconic, homegrown achievements capable of inspiring similar success across the continent.

 Group Photograph of the Team from Lagos Business School’s Global CEO Africa Programme Cohort 5 during their visit to Dangote Petroleum Refinery and Fertiliser Plant in Ibeju-Lekki Lagos on Thursday July 10,2025.

“The refinery is a powerful symbol that vision goes beyond mere sight,” said Akinwuntan, a former Managing Director of Ecobank Nigeria.

Executive Dean of Strathmore Business School, Dr. Caesar Mwangi, commended Dangote for setting a global benchmark, stating that the visit would energise the CEOs to lead game-changing projects in their respective countries.

“This is proof that Africans can build for Africans. Every CEO here will take this inspiration back to uplift our continent,” he stated.

Dean of Lagos Business School, Prof. Olayinka David-West, described the refinery as a real-world example of how strategic private sector investment can solve critical socio-economic challenges and power instruments like the African Continental Free Trade Area (AfCFTA).

Vice President, Oil and Gas, Dangote Industries Limited, Devakumar Edwin; President / CE, Dangote Industries Ltd, Aliko Dangote; Dean of Lagos Business School ( LBS) Professor Olayinka David-West; Executive Dean of Strathmore Business School(SBS) Nairobi Kenya, Dr. Caesar Mwangi, during the visit of LBS’ Global CEO Africa Programme Cohort 5 to Dangote Petroleum Refinery and Fertiliser Plant in Ibeju-Lekki Lagos on Thursday July 10,2025.

 

Call to Action for Africa’s Business Leaders

Participants at the programme included influential leaders across banking, finance, and public policy, such as Segun Aina, global banking leader; Nancy Njau, Managing Director of Family Bank, Kenya; Emmanuel Wakili, CFO for Ecobank’s Cameroon, CEMAC, and CESA Region; Ibukun Oyedeji, former President, CFA Society Nigeria; and Dr. Rabiu Olowo, CEO of the Financial Reporting Council of Nigeria.

Some members of the Lagos Business School’s Global CEO Africa Programme Cohort 5 at Dangote Refinery Central Laboratory, during their visit to Dangote Petroleum Refinery and Fertiliser Plant in Ibeju-Lekki Lagos on Thursday July 10,2025.

Dangote’s message to them was clear: Africa’s future will be built not by outsiders but by Africans who dare to think big, invest locally, and push boundaries.