Africa’s richest businessman, Aliko Dangote, has raised concerns that foreign interests are working behind the scenes to slow down the continent’s economic growth.
Dangote made the remarks on Thursday while speaking at the Investing in Africa forum, held alongside the ongoing spring meetings of the International Monetary Fund and the World Bank in Washington, DC, United States.
The billionaire industrialist used the platform to call for stronger cooperation among African countries, greater local investment, and a renewed focus on building regional markets before pushing for a single continental market.
Dangote said that despite Africa’s vast resources and growing population, external forces are not always in support of its development.
“There are a lot of international interests not wanting to see Africa grow,” he said, adding that such forces have made it difficult for some key industries to develop fully on the continent.
Although he did not name specific countries or organisations, his comments reflect a long-standing concern among African leaders and business figures that global economic systems often favour developed nations at the expense of emerging economies.
Speaking on trade and economic integration, Dangote stressed that Africa cannot successfully implement a single market without first strengthening regional markets.
He referred to the African Continental Free Trade Area, an agreement aimed at creating a single market for goods and services across Africa.
According to him, while the idea of a unified African market is good, it will not work effectively unless smaller regional blocs are functioning properly.
“The Africa free trade will work, but it can only work when the regional markets work,” he said.
He explained that many of the existing regional trade systems are weak or not fully operational, making it difficult to achieve seamless trade across the continent.
Experts have also pointed out that poor infrastructure, trade barriers, and inconsistent policies among African countries continue to limit the full benefits of the AfCFTA.
Dangote also spoke about the challenges facing industrial development in Africa, especially in the oil refining sector.
He noted that the continent has struggled for many years to build and maintain refineries, despite being rich in crude oil.
“Africa has not had any refinery in donkey years,” he said, adding that there are “many interests” working against the establishment of such projects in different countries.
His comments come at a time when Nigeria recently launched the Dangote Refinery, one of the largest oil refineries in the world, located in Lagos.
The project, which took several years and billions of dollars to complete, is seen as a major step towards reducing Nigeria’s dependence on imported fuel and boosting local production.
Analysts say the refinery could serve as a model for other African countries if similar investments are encouraged.
On the issue of foreign investment, Dangote said international investors often see Africa as a high-risk destination.
He explained that this perception discourages many investors from committing their funds to projects on the continent.
“Foreigners will invest, but they are smart people. When you talk about risk, they will examine it very carefully,” he said.
To address this challenge, Dangote urged Africans to take the lead by investing in their own economies.
According to him, when local investors show confidence in their markets, it sends a strong signal to foreign investors that the risks may not be as high as perceived.
“The only way to reduce risk is for Africans to lead and show that the risk is not real but perceived,” he said.
Dangote also called on wealthy Africans to invest more of their money within the continent instead of keeping it in foreign bank accounts.
He warned that relying too much on foreign investors may not yield the desired results, as such investors will only come when they see strong local participation.
“I sometimes say that some people may have more cash than me, but they keep their money abroad,” he said.
He encouraged African business leaders to bring their funds back home and invest in industries that can create jobs and drive economic growth.
“Don’t keep that money in foreign banks. Bring it back home, invest. The place is good, and you will make a lot of money,” he added.
Dangote stressed that no country in the world is free from risk, but successful economies have found ways to manage and reduce those risks.
He said Africa must do the same by improving governance, strengthening institutions, and creating a more stable business environment.
According to him, once African investors show commitment and seriousness, foreign investors will be more willing to follow.
“They will only come when they see that we are committed and investing our own money,” he said.
Africa has long faced challenges in attracting and retaining investment, despite its natural resources and growing consumer market.
Issues such as political instability, weak infrastructure, and policy uncertainty have often been cited as barriers.
However, recent initiatives like the African Continental Free Trade Area aim to address some of these challenges by promoting intra-African trade and economic cooperation.
Business leaders like Dangote continue to play a key role in shaping the conversation around economic development and industrialisation in Africa.
Dangote’s comments highlight the need for a shift in mindset among African leaders and investors.
By focusing on local investment, strengthening regional markets, and addressing internal challenges, the continent may be better positioned to attract global capital and achieve sustainable growth.
As discussions continue at global forums like the IMF and World Bank meetings, the message from one of Africa’s most influential businessmen is clear: Africa must take the lead in building its own future.