By Atoyebi Nike
President and Chief Executive of Dangote Industries Limited, Aliko Dangote, has called on African entrepreneurs, executives, and wealthy individuals to channel their investments into transformative projects across the continent, rather than exporting capital abroad.
Speaking while hosting participants of the Global CEO Africa Programme from Lagos Business School and Nairobi’s Strathmore Business School at the Dangote Refinery and Fertiliser Plant in Ibeju-Lekki, Lagos, Dangote said Africa’s future hinges on bold investments in key sectors such as manufacturing, infrastructure, and agriculture.
He emphasised that Africa’s vast human and natural resources give it a competitive edge, but progress depends on ambitious leadership and local confidence. “We must stop taking our money out of Africa. No one will invest here if we don’t believe in our own economies,” he stated.
Dangote cited the construction of the world’s largest single-train refinery by his group as an example of what African private sector actors can achieve despite initial skepticism. “People doubted us, but we were determined. Now that we’ve built this, we believe we can build anything,” he said, adding that the group now aims to become the world’s largest fertiliser producer within 40 months.
He acknowledged the many challenges African businesses face, including weak infrastructure, policy inconsistency, and limited regional connectivity, noting that it’s cheaper to import goods from Europe than to transport materials across West Africa. Yet, he urged CEOs to think big, take risks, and remain persistent.
“There will always be challenges, but we must be courageous. If you think small, you don’t grow,” Dangote told the 24 CEOs from six African nations.
Academic leaders present during the visit echoed his sentiments. Patrick Akinwuntan, Academic Director of the Global CEO Africa Programme at Lagos Business School, described the refinery as a “symbol of African capability and ambition,” while Strathmore Business School’s Executive Dean, Dr. Caesar Mwangi, said the visit would inspire CEOs to launch similarly impactful ventures in their home countries.
Dean of Lagos Business School, Prof. Olayinka David-West, praised Dangote’s vision, saying the project is more than just a refinery, it is a model for leveraging the African Continental Free Trade Area (AfCFTA) to boost economic integration and local value creation.
Participants of the programme included senior leaders from banking, finance, and policy, such as Segun Aina, Nancy Njau of Family Bank Nairobi, Ecobank executive Emmanuel Wakili, and former CFA Society Nigeria President Ibukun Oyedeji.
The Global CEO Africa Programme is a joint initiative between Lagos and Strathmore Business Schools, designed to equip African executives with the skills and insights to lead across borders. The programme includes immersive sessions in Kenya, Nigeria, and the United States, aiming to create a new class of visionary African leaders.
