In a bold message, Africa’s richest man, Aliko Dangote, has reaffirmed a $40 billion investment drive across key sectors in the continent, including energy and refining.
During a presidential panel at the Africa We Build Summit in Nairobi on Thursday, the billionaire announced plans to construct the largest refinery in the world in Tanga, Kenya, in collaboration with the Kenyan government.
“There’s nothing we cannot do in Africa.”
During the summit organised by the Africa Finance Corporation, Dangote disclosed that “There’s nothing we cannot do in Africa. That’s why we, as a group, have now launched between now and 2030, we’re investing $40 billion in various fields.”
Further buttressing plans about his refinery, the businessman said, “Even now, I can give commitment to the two presidents that were here,” insisting, “If they will support the refinery, we’ll build an identical one that we have in Nigeria, 650,000 barrels.”
Dangote took a swipe at the West for trying to stop Africa from developing self-sufficient infrastructure despite having trained professionals.
“Let them not come and convince us that, no, somebody needs to carry our raw material to go and produce and bring the items here. I must really thank President of Uganda for taking this bold move. Swapping the export, they will be forced.
“They will come and produce. Why do you want to take the raw material, then you bring it back? We too, we have educated people. We have big financial institutions. It’s not like before,” said he.
The business mogul pointed to the huge potential of the continent, suggesting that Africa can solve its problems.
“And this is coming with a lot of, you know, petrochemicals. And if you look at it today in Nigeria, if not because we have polypropylene, all the plants, all the businesses would have collapsed.
“Because cement is packed in polypropylene, flour, rice, grains, everything. So nothing. And the cost now has shot up between just 60 and 45 days,” he stated.
Africa’s richest man, Aliko Dangote. Credit: Jonathan Benjamin.
“Africans can do it, let us not be scared.”
The billionaire challenged other industrialists across the continent to borrow a cue from what he has done in Nigeria, while detailing the huge benefits of what would be the biggest refinery in the world.
“There’s nothing that can stop it. We have done the one in Nigeria, and that’s why we are taking the bold move, which we have started already. Piling has started.
“We are building that one to a scale. 1.4 million barrels a day will give us the, will be the largest refinery in the world. That’s number one. Number two, we’ll have 10% of the entire United States of America’s refining capacity.
The industrialist disclosed that “From nine hundred dollars a ton to three thousand, that’s no way you can afford it, so that is why we must learn how to build self-sufficiency.
“Right now, we have big financial institutions that are very hungry for big-ticket items and we are also big in terms of our own vision, the Africans can do it, let us not be scared.”
Conclusion
Earlier, Kenya’s President, William Ruto, announced that talks are underway with Dangote and regional partners to set up a joint refinery in Tanga.
“We are going to have a joint refinery in Tanga to benefit all of us because that refinery will take crude from the DRC, Kenya, South Sudan, and Uganda. We are in talks with Dangote to see how we can collaborate on building a refinery in the region.
“This is part of our broader strategy to strengthen energy security and reduce dependence on imported petroleum products,” Ruto said.
Editor’s Note: Featured photo is courtesy of Dangote Group.
