Aliko Dangote, founder and president of the Dangote Group has warned that powerful foreign interests are actively working against Africa’s economic growth, urging Africans to take the lead in investing in the continent.
Speaking at the Investing in Africa forum on the sidelines of the IMF-World Bank Spring Meetings in Washington, DC, the Dangote Group founder stressed that Africa must fix its regional markets before expecting a successful single continental market.
According to him, the vision of a unified African market under the African Continental Free Trade Area (AfCFTA) cannot succeed without strong and functional regional blocs.
“The Africa free trade will work, but it can only work when the regional markets work,” Dangote said.
He added that weak regional integration continues to undermine progress, noting that “you cannot have one single market” when existing structures are ineffective.
Dangote also pointed to external forces hindering Africa’s industrial development, particularly in the refining sector.
“Africa has not had any refinery in donkey years. There are so many interests not allowing refinery projects in other countries to happen,” he said.
On foreign investment, the billionaire explained that global investors are cautious and driven by risk perception, making it difficult for Africa to attract capital without demonstrating confidence internally.
“Foreigners will invest, but they are smart. When you talk about risk, they will examine it carefully,” he said.
Dangote argued that the solution lies in Africans leading by example—investing locally to prove that perceived risks are not real.
“If I’m not investing in Africa, there is no way I can convince outsiders to invest,” he said.
He further urged wealthy Africans to stop holding funds in offshore accounts and instead channel their resources into local economies.
“Bring that money back home, invest. The place is good—you will make a lot of money,” he said.
Dangote concluded that foreign investors will only come when Africans show commitment and seriousness by investing their own capital first.
