April 17, (THEWILL) — Aliko Dangote, President of the Dangote Group, has raised concerns that entrenched foreign interests are hindering Africa’s industrialisation and delaying its path to economic self-sufficiency.
Speaking at the Investing in Africa Forum during the IMF/World Bank 2026 Spring Meetings in Washington, D.C., Dangote said the continent’s push into manufacturing and value addition continues to face resistance from external forces that benefit from Africa’s reliance on imported finished goods.
He noted that key sectors, including refining, have suffered prolonged underdevelopment due to competing global interests, limiting Africa’s ability to fully harness its natural resources.
While acknowledging the importance of foreign investment, Dangote stressed that Africa must first build internal confidence and reduce perceived risks by prioritising domestic investment.
According to him, global investors are more likely to commit capital when they see strong local participation.
He urged African business leaders to take the lead in financing projects, arguing that this would help change the narrative around investment risks on the continent.
Dangote also called on wealthy Africans to repatriate funds held abroad and invest within the continent, describing Africa as a profitable and viable destination for capital.
He highlighted the lack of value addition as a major structural challenge, citing the export of raw materials such as Zambia’s copper as missed opportunities for industrial growth.
Looking ahead, Dangote pointed to ongoing expansion plans for his refinery project, which he said would significantly boost Africa’s refining capacity and strengthen its position in global energy markets.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
