Billionaire industrialist Aliko Dangote has warned that powerful foreign interests are working against Africa’s growth, urging wealthy Africans to invest more in the continent instead of keeping their money abroad.
Speaking Thursday at the Investing in Africa forum on the sidelines of the International Monetary Fund and World Bank spring meetings in Washington, DC, Dangote stressed that Africa’s economic progress depends on stronger regional cooperation.
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He dismissed the idea that a single African market can succeed without functional regional markets.
“The Africa free trade will work, but it can only work when the regional markets work,” he said, adding that fragmented regional systems remain a major obstacle.
Dangote also claimed that foreign interests have hindered the development of key industries, particularly oil refining.
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“There are a lot of international interest, in not wanting to see Africa grow,” he said, noting that Africa had gone “donkey years” without building refineries due to outside pressures.
On attracting foreign investment, Dangote explained that global investors closely examine risk before committing funds. He argued that Africans must first invest in their own economies to reduce perceived risks.
“The only way to derisk is we Africans must lead and show that that risk is a perceived risk [and] not a real risk,” he said.
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He urged wealthy Africans to stop keeping large sums in foreign bank accounts and instead reinvest their wealth locally.
“Don’t keep that money in a foreign bank, bring it back home, invest, the place is good, you’ll make a lot of money,” Dangote added.
According to him, foreign investors will only come when they see Africans demonstrating confidence by investing their own money, noting that while risks exist in every country, they can be managed with the right strategies.
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