Dangote says Africa must dismantle trade barriers to secure future

The President of Dangote Group, Aliko Dangote, has urged African countries to dismantle all barriers hindering trade within the continent in order to secure its future. 

Africa’s richest man expressed the commitment of Dangote Industries Limited to solving some of the economic challenges faced by the African continent. 

He said his company has made massive investments meant to turn around Africa’s economic fortunes. 

Speaking in Lagos at the launch of ‘The World Ahead 2023’ by The Economist, Dangote, who was represented by the Group Executive Director/Group Chief Risk Officer, Dangote Industries Limited, Dr Adenike Fajemirokun, said the crucial task of building a sustainable future that guarantees equitable growth and prosperity for all should not be the exclusive role of the public sector alone, but should also involve the private sector.

He said: “Our massive investments of over $20 billion across key industries, including energy, agriculture, and infrastructure; our recently commissioned 3-million-metric-tonnes fertiliser plant, expansions in cement production, and our soon-to-be commissioned 650,000-barrels-per-day world’s largest single-train refinery are all set to empower farmers, foster backward integration, create thousands of jobs, eliminate our dependence on imported products, and improve our nation’s foreign exchange earnings significantly.

“We are also confronting environmental issues through our investment in alternative fuels, as well as unlocking enormous opportunities in the communities where we have our footprints, while ultimately ensuring that we keep delivering huge value to our shareholders.

Drawing the attention of the international audience to the need for all hands to be on deck towards lifting Africa above the various socio-economic challenges facing the member-countries, Dangote pointed out that the African population has been growing exponentially.

“Nigeria, for instance, is projected to be the world’s third largest population by 2050 surpassing the United States, only behind India and China, so the question of sustained economic growth has become increasingly critical and isn’t one for a single sector to tackle alone. To secure the future of our country and our continent we must forge strong public-private partnerships and dismantle regional barriers with vehicles like the African Continental Free Trade Agreement,” he said.