For Development and Growth: Dangote urges rich Nigerians to put money into Nigeria

…Says he defies odds to construct $20bn refinery

President and Chief Government of Dangote Industries Restricted, Aliko Dangote, has urged rich Nigerians to put money into Nigeria, as it’s the solely approach to construct the nation. He mentioned there isn’t any two methods about it: actual development and growth can’t occur in a nation with out important investments.

He criticised the tendency of African wealth being exported and stashed overseas, calling on the continent’s entrepreneurs and prosperous people to speculate at dwelling. “It is just by such dedication that we are able to drive true growth,” he added.

In a chat with choose media males, not too long ago, Dangote mentioned: “No nation develops with out important investments. I enchantment to all rich Nigerians to look inward and make investments right here, in Nigeria, for the way forward for our unborn children. There’s hardly any nation with out corruption, however the distinction between there and right here is that, in these different corrupt nations, they make investments the stolen funds of their nation and develop their economic system reasonably than preserving it in overseas banks that won’t in any manner impression positively on the economic system.”

In response to him, what Africa really wants are daring, transformative initiatives able to addressing its long-standing socio-economic challenges, notably the creation of jobs for its rising inhabitants.

Talking of his determination to defy the chances in constructing the $20bn refinery, he mentioned he was decided to see Nigeria develop into self-sufficient in refined petroleum merchandise and to function a catalyst for different African nations, regardless of quite a few challenges and opposition.

He defined that he undertook the bold undertaking to safe vitality independence for Nigeria and the broader African continent. He confused that, apart from Libya and Algeria, most African international locations nonetheless rely closely on imported refined petroleum merchandise regardless of the continent’s ample crude oil reserves.

“Aside from Algeria and Libya, that are self-sufficient, just about each different African nation is an importer,” Dangote mentioned, underscoring the pressing want for operational refineries on the continent. He additionally lamented that Africa had develop into a dumping floor for substandard petroleum merchandise attributable to this overreliance on imports.

Africa holds round 125 billion barrels in confirmed oil reserves, with important contributions from Nigeria, Algeria, Angola, Egypt, and Libya—all of which rank among the many world’s prime 30 oil-producing nations.

Dangote revealed that many had doubted the capability of the Dangote Group to ship such an enormous undertaking. Some even suggested him to desert it, citing the failures of a number of sovereign nations to finish comparable undertakings.

“Folks suppose constructing a refinery is like constructing a home,” he mentioned. “However, as I at all times say, if I had recognized the size of challenges we might face, I wouldn’t have began in any respect. We have been lucky as a gaggle as a result of we didn’t totally grasp what we have been moving into, however we believed that nothing is unattainable.”

Because the undertaking progressed, the group confronted a crucial juncture: to halt and endure the losses, or to forge forward and succeed. “We needed to preserve pushing to make sure supply,” Dangote mentioned.

He expressed hope that the refinery would encourage different African international locations to boost their refining capacities and put money into value-added industries, reasonably than persevering with to export uncooked supplies.

Dangote additional argued that true independence goes past politics—it additionally requires financial self-reliance and monetary freedom for African residents. He warned that continued import dependency would preserve African nations trapped in poverty.