Africa’s Growth Undermined by Foreign Interests — Dangote Raises Alarm

Aliko Dangote, President of Dangote Group, has alleged that foreign interests are actively working against Africa’s economic growth, warning that such forces continue to hinder key developmental projects across the continent.

Dangote made this assertion on Thursday while speaking at the Investing in Africa Forum, held on the sidelines of the IMF-World Bank Spring Meetings in Washington, D.C.

He stressed that the success of the African Continental Free Trade Area depends largely on the effectiveness of regional markets, noting that without strong intra-African trade structures, the vision of a unified continental market may remain unattainable.

According to him, “The African free trade will work, but only when regional markets function effectively. You cannot build a single market when the foundational regional structures are weak.”

Dangote further lamented the absence of functional refineries across Africa, attributing the situation to external forces resisting industrial advancement within the continent.

“We have not had refineries in many parts of Africa for decades. There are interests that do not want these projects to succeed,” he said.

On foreign investment, the business magnate maintained that global investors are primarily driven by risk considerations, urging Africans to take the lead in investing within their own economies to inspire external confidence.

“Foreign investors are cautious. They assess risks repeatedly. The only way to reduce this perceived risk is for Africans to invest in Africa first. If we do not show confidence in our economies, others will not,” he noted.

Dangote also called on wealthy Africans to repatriate funds held abroad and channel them into productive investments within the continent, emphasizing that no economy is entirely risk-free but that risks can be managed effectively.

“There is no country without risk. What matters is how those risks are mitigated. Instead of keeping wealth in foreign accounts, Africans should invest at home where there are significant opportunities for growth and returns,” he added.

He concluded by reiterating that meaningful foreign investment will only flow into Africa when there is clear evidence of local commitment and sustained domestic investment.