Dangote: Africa must build own prosperity, not depend on foreigners

By Ambrose Nnaji

President and Chief Executive of Dangote Industries Limited, Aliko Dangote, has urged Nigerian entrepreneurs and creative industry practitioners to build globally competitive businesses, stressing that Africa must take responsibility for its economic prosperity rather than depend on foreign investors.

Dangote spoke while hosting leading figures from Nigeria’s creative industry at the Dangote Petroleum Refinery and Petrochemicals complex, in Lagos. He also disclosed that the Group was considering revising upwards its $100 billion Vision 2030 target as its industrial investments and growth ambitions expand.

The delegation, comprising Nollywood actors, content creators, comedians and other entertainment personalities, toured the industrial complex before participating in an interactive session with the industrialist on entrepreneurship, innovation, ambition and legacy.

Addressing the creative, Dangote urged Nigerians to combine their creativity and entrepreneurial drive with discipline, perseverance and the courage to pursue ambitious projects.

He said lasting success should be measured not merely by personal wealth but also by the businesses established, employment opportunities created and contributions made to society.

“It is not just about money; it is about legacy. We have often been taken for granted, and in many ways, we have contributed to that by waiting for foreigners to come and make our continent prosperous. That will never happen. We must take responsibility for building Africa’s prosperity ourselves,” he said.

On the Group’s long-term growth ambitions, Dangote said its $100 billion Vision 2030 target was being reconsidered, with a revised ambition expected to be unveiled in January.

“We realised that our Vision 2030 target was too modest. We are working towards unveiling a new vision in January, with a revised target that reflects our ambition to achieve far more than US$100 billion,” he said.

He explained that the Group’s industrial expansion reflected its determination to build enduring institutions, strengthen Africa’s productive capacity and demonstrate that African businesses could compete successfully in global markets.

Drawing lessons from Singapore’s economic transformation, Dangote said countries could overcome difficult beginnings through deliberate investment, entrepreneurship and sustained efforts to develop domestic capabilities.

He challenged Nigerian entrepreneurs to discard limiting assumptions about what they could achieve, noting that transformative accomplishments often required the courage to pursue ideas others considered impossible.

Reflecting on his entrepreneurial journey and the development of the refinery, Dangote identified perseverance, disciplined execution and sound judgement as essential ingredients of business success.

He, however, cautioned that ambition must be balanced with sound commercial decisions, particularly when an investment proves difficult to sustain.

“Before embarking on any venture, you must carefully consider all the issues involved. We have made mistakes too, and I share these experiences so others can learn from them,” he said.

“One important lesson is never to keep putting good money into a bad investment. Some situations are simply too difficult to turn around, no matter how much you invest.”

Turning to the creative industry, Dangote commended Nigerian entertainers for building an international presence despite operating in a challenging business environment and receiving limited government support.

He described Nollywood’s growing global influence as evidence of Nigeria’s creative potential, urging practitioners to consolidate their achievements through stronger business structures, innovation and collaboration.

According to him, the industry’s next phase of growth should extend beyond international recognition to building sustainable enterprises, creating employment and strengthening Nigeria’s position in the global creative economy.

Veteran Nollywood actor Richard Mofe-Damijo, who moderated the interactive session, praised Dangote’s accomplishments, describing his industrial investments as an enduring contribution to Nigeria’s development.

“Your legacy has already been built, and its continuation is assured. You deserve all the praise and recognition you have received for what you have accomplished,” RMD said.

Nollywood actor Abdullateef Adedimeji described the visit as an inspiration, saying the scale of the refinery had challenged him to raise his ambitions and pursue greater accomplishments in the creative industry.

“Coming here today is a source of motivation for us. As someone in the film industry, this experience inspires me to push beyond my limits, broaden my imagination and strive for greater achievements, including making a more meaningful impact in my community,” he said.

Adedimeji also called for greater collaboration among Nollywood practitioners, drawing lessons from the coordination and partnerships underpinning Dangote’s industrial operations.

“That is what we need in Nollywood. The more we collaborate, the stronger and more successful we become,” he said.