Tag: Economic growth

By Prince Iroka Africa’s wealthiest man and President of Dangote Industries Limited, Aliko Dangote, has called on Africans to leverage on internal strengths and global opportunities to fill existing gaps, and adopt a deliberate re-orientation toward industrialisation of Africa’s manufacturing sector, as a panacea against the current global economic instability. The renowned entrepreneur encouraged operators in the manufacturing and industrial sectors across the continent to embrace a fundamental shift in mindset and develop robust regional value chains and deepen intra-African trade as inward solutions to boost overall development across the continent. Dangote, who noted that current geo-political tensions and trade wars have caused major economies to reevaluate their traditional trade partnerships with a view to diversifying their supply chains, also urged African exporters to benefit from the current process to fill the gap by competitively supplying the required products. These recommendations were contained in Dangote’s welcome address at the company’s Special Day at the ongoing 4th Intra-African Trade Fair holding in Algiers, Algeria, where he was represented by his Special Adviser and Representative, Engr. Ahmed Mansur. “I am glad to be here at the 4th Intra-African Trade Fair (IATF). I am immensely grateful to the organisers – not only for inviting me and giving me the opportunity to speak – but also for going a step further by dedicating this remarkable day to my organisation, Dangote Group. To have today officially set aside as Dangote Day is both an honour and a privilege. “I thank the conveners – The African Export Import Bank, the African Union Commission and the Africa Continental Free Trade Area Secretariat – for organising this event. We appreciate the invaluable contributions you have made and the excellent work you continue to do in promoting, facilitating, and deepening trade and investment across the continent”, Dangote added. According to him, “this year’s theme, “Gateway to New Opportunities,” resonates deeply as a powerful reminder of the huge potential and prospects that abound across the African continent. For too long Africa’s resources have been exported as primary commodities in their raw and unrefined state with limited domestic processing or beneficiation. “There must be a fundamental shift in mindset and a deliberate re-orientation toward industrialisation and the development of Africa’s manufacturing sector. While this was always necessary in the past, it is even more urgent today, given the alarming rise in youth unemployment, and the need for sustainable, inclusive growth”, he added. The business tycoon observed that current geo-political tensions and trade wars have caused major economies to reevaluate their traditional trade partnerships with a view to diversifying their supply chains. “African exporters could benefit if they can fill the gap by competitively supplying the required products. Furthermore, global instability has encouraged African nations to look inward and actively pursue greater regional self-reliance. This inward focus can catalyse the development of robust regional value chains and significantly deepen intra-African trade”, he advised. “At Dangote, we are very proud of our Afrocentric posture, driven by an unwavering commitment to the continent’s growth and industrial transformation. We have added value to limestone and created the largest cement company in sub Saharan Africa with an aggregate cement production capacity of about 52MMtpa across 10 countries,” Dangote stated. “Similarly, our 3MMtpa urea plant has contributed to the attainment of fertiliser self-sufficiency. Nigeria, once solely reliant on imports is now a net exporter of granulated urea to destinations in Africa as well as to South America, North America and Europe. “More recently, we have witnessed the commencement of operation of Africa’s biggest oil refinery – also the world’s largest single-train facility, with a capacity of 650kbpd. This landmark project is gradually reducing the region’s long-standing dependence on imports of refined petroleum products, particularly from Europe, while also generating surplus for export to global markets. As Africa becomes more self-sufficient in energy it should reduce our vulnerability to external shocks and supply disruptions. “Africa’s potential and prospects are immense. However, this potential will only be fully actualised if individual nations take deliberate steps to improve their business environment. Unlocking new economic opportunities requires the implementation of appropriate policy reforms, investment in infrastructure, and attractive sector wide incentives to facilitate the inflow of private capital” Dangote concluded. At the Dangote Special Day, which drew admirers and various attendees, various Business Units of the conglomerate such as Dangote Cement, Dangote Sugar, Dangote Salt (NASCON), Dangote Fertiliser, Dangote Polypropylene, and Dangote Packaging did presentations and urged greater collaboration among trade partners and manufacturers across Africa for the development of the continent.