Dangote Urges Wealthy Nigerians to Invest Locally, Highlights Need for Economic Self-Reliance
STORY WRITTEN BY OKAFOR JOSEPH AFAM JULY 16,2025
Africa’s richest man, Aliko Dangote, has called on Nigerian elites and the continent’s wealthy individuals to invest at home rather than stashing wealth abroad, stressing that local investment is essential for sustainable economic development and national growth.
Speaking recently to a group of journalists, Dangote emphasized that genuine development cannot occur without significant domestic investment. He criticized the widespread habit of exporting African wealth, urging entrepreneurs to redirect their resources toward local projects that would benefit the continent.
“There is no nation that develops without internal investments,” Dangote stated. “I appeal to wealthy Nigerians to invest in Nigeria for the sake of our country and the future of our children. This is the only way to drive long-term development.”
He noted that corruption exists globally, but the difference in more developed countries is that illicit wealth is often reinvested domestically, thereby growing their economies. In contrast, many African elites prefer to keep their funds in foreign accounts, which offers no economic benefit to their home countries.
Africa Needs Bold, Transformational Investments
Dangote highlighted that Africa must pursue large-scale, transformative projects to address structural challenges, especially unemployment and underdevelopment. He used his $20 billion Dangote Refinery project as a case study of the kind of commitment needed to transform economies.
He explained that his decision to build the world’s largest single-train refinery was driven by a desire to make Nigeria self-sufficient in refined petroleum products and inspire similar developments across Africa. Despite intense opposition and financial hurdles, Dangote said he pushed forward with the vision of securing energy independence for Nigeria and reducing the continent’s overreliance on imported fuel.
“Most African countries rely on imported petroleum products, even though the continent is rich in crude oil,” he said. “Except for Algeria and Libya, nearly every other African nation is a net importer.”
Africa Must Stop Exporting Raw Wealth
Dangote also decried the continent’s role as a dumping ground for substandard fuel due to the lack of refining capacity. He urged African leaders to invest in value-added industries and reduce the export of raw materials, which limits job creation and economic growth.
Africa holds an estimated 125 billion barrels in proven oil reserves, with Nigeria, Algeria, Angola, Egypt, and Libya ranked among the world’s top oil producers. Yet, the continent remains largely dependent on refined imports.
According to Dangote, many doubted the viability of his refinery project, with some advising him to abandon it. “If I had known the challenges we’d face, I might not have started,” he admitted. “But we believed that nothing is impossible.”
Despite facing moments when the project nearly collapsed, the Dangote Group remained committed, ultimately delivering a refinery that is now positioned to redefine Africa’s energy future.
Call for Economic Independence
Dangote concluded by asserting that Africa’s true independence must go beyond politics. He stressed that economic self-reliance and financial empowerment of citizens are critical for long-term prosperity.
“As long as we continue to depend on imports, our countries will remain economically vulnerable,” he warned. “It’s time we invest in ourselves, in our industries, and in our people.”
