Dangote decries capital flight, harps on investing in Nigeria

President of Dangote Industries Limited, Aliko Dangote, has called on wealthy Nigerians to invest in Nigeria, adding that it is the only way to build the nation. He also stated that there is no two-way about it: real growth and development cannot take place in a country shorn of significant investments.

He frowned at the tendency to export African wealth and stash it abroad, calling on the continent’s entrepreneurs and affluent individuals to invest at home.

In a chat with select journalists recently, Dangote said: “No nation develops without significant investments. I appeal to all wealthy Nigerians to look inward and invest here, in Nigeria, for the future of our unborn kids. There is hardly any country without corruption, but the difference between there and here is that, in those other corrupt nations, they invest the stolen funds in their country and grow their economy rather than keeping it in foreign banks that will not in any way impact positively on the economy.”

He noted that what Africa truly needs are bold, transformative projects capable of addressing its long-standing socio-economic challenges, particularly the creation of jobs for its growing population.

Speaking of his decision to defy the odds in building the $20 billion refinery, he said he was determined to see Nigeria become self-sufficient in refined petroleum products and to serve as a catalyst for other African nations, despite numerous challenges and opposition.

He said that he started the audacious project to secure energy independence for Nigeria and the wider African continent. He stressed that, except for Libya and Algeria, most African countries still rely heavily on imported refined petroleum products despite the continent’s abundant crude oil reserves.

“Apart from Algeria and Libya, which are self-sufficient, virtually every other African country is an importer,” Dangote said, underscoring the urgent need for operational refineries on the continent. He also lamented that Africa had become a dumping ground for substandard petroleum products due to this overreliance on imports.

Africa holds around 125 billion barrels in proven oil reserves, with significant contributions from Nigeria, Algeria, Angola, Egypt, and Libya, all of which rank among the world’s top 30 oil-producing nations.

Dangote revealed that many had doubted the capacity of the Dangote Group to deliver such a massive refinery. Some even advised him to abandon it, citing the failures of several sovereign nations to complete similar undertakings.

“People think building a refinery is like building a house. But, as I always say, if I had known the scale of challenges we would face, I wouldn’t have started at all. We were fortunate as a group because we didn’t fully grasp what we were getting into, but we believed that nothing is impossible,” he said.