President of the Dangote Group, Aliko Dangote, has argued that Africa stands out as the only region currently demonstrating genuine economic growth, warning that Europe’s own prospects now hinge on Africa’s sustained development.
Dangote delivered these remarks on Friday at the 32nd Annual Meeting of the African Export-Import Bank (Afreximbank), hosted in Abuja.
The high-profile event, themed “Building the Future on Decades of Resilience,” attracted over 6,000 delegates from across Africa and around the world, including policymakers, financiers, and industry leaders.
“We need to make our continent productive. Right now, Africa is the only continent recording real growth. If you examine Europe, respectfully, their growth has stalled they need Africa to grow,” Dangote said, underscoring the continent’s strategic importance in the global economy.
Calls for Prioritising Domestic Investment
The industrialist, widely recognised as Africa’s wealthiest person, challenged African governments to rethink their approach to attracting foreign capital. He argued that supporting and nurturing local investors is the surest path to drawing in international partners.
“Many African countries spend a lot of time seeking foreign investors. But foreign investors don’t come so easily,” Dangote noted. “You have to support your local investors when they’re performing well. That success then acts as a magnet for foreign investment.”
His comments reflect a growing sentiment among African business leaders who believe that sustainable development must be driven from within, rather than relying excessively on external aid or investment.
A Vision for Africa’s Transformation
Dangote also called on African entrepreneurs and business leaders to embrace their role in shaping the continent’s future.
“We, as African champions, must understand that it is up to us to make Africa great. No one else will do that for us,” he said. “Our job isn’t about accumulating wealth for its own sake. It’s about creating wealth that transforms society. Africa can be turned into a paradise within the next five years. It doesn’t take long but you have to think big to grow big.”
Context: Africa’s Growth Potential
Economic data in recent years has consistently highlighted Africa’s youthful population, expanding urban centres, and abundant natural resources as key drivers of growth. However, challenges such as inadequate infrastructure, policy uncertainty, and capital flight have limited the continent’s ability to fully realise its potential.
Experts argue that boosting local investment is crucial for tackling these obstacles. Dangote’s call aligns with wider efforts to strengthen Africa’s economic resilience by building local industries, creating jobs, and fostering inclusive development.
Afreximbank’s Role
The Afreximbank Annual Meeting has become a major platform for discussing such issues. This year’s edition featured sessions on trade finance, infrastructure, industrialisation, and the African Continental Free Trade Area (AfCFTA), aiming to chart a course for more integrated and self-reliant economies.
Note: Foreign investors often cite stable policy environments, functioning infrastructure, and thriving local enterprises as critical factors when deciding to enter new markets. Dangote’s comments suggest that prioritising these fundamentals at home will not only strengthen African economies from within but also make them more attractive globally.
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