Dangote Urges Africa To Industrialise Capital

Founder and President of Dangote Industries, Aliko Dangote has said Africa must use its own capital to drive industrialisation, citing the challenges of building his 700,000-barrel refinery.

Speaking at Unstoppable Africa 2026, the Global Africa Business Initiative’s (GABI) flagship event on Monday, Dangote described the refinery project as unprecedented. He said no refinery of its size had previously been built anywhere in the world.

“When you hear 700,000 barrels refinery, you know, it’s easier said than done,” Dangote said.

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He noted that the largest single-train refinery previously built by major companies was about 450,000 barrels per day. According to Dangote, his team had to challenge the project’s licensor, Honeywell’s UOP, over its capacity. He said 340 engineers were deployed to India, while another 76 engineers worked in Chicago on the project.

“They did not believe that anybody could do that,” he said.

The philanthropist said Honeywell’s own technical documents guaranteed only about 460,000 barrels per day.

“But to cut the story short, today we’re at 700. We’ll be running at 700,” he said.

He also recalled the difficulties the project faced in securing an engineering, procurement and construction contractor. Dangote said industry players had discouraged contractors from taking on the project.

“We never knew anything about refinery, but we set up a team and we say we will do it,” he said.

“It will happen. Nobody believed in what we said, but eventually we built it.”

Dangote Urges Africa To Industrialise Capital (NewsCentral TV) — Aliko Dangote. Credit: NewsCentral TV.

Furthermore, Dangote said the refinery experience changed his view of what Africa could achieve through local investment and determination. He said he once considered refinery construction so difficult that he would not wish it on anyone.

“I even said that if I have any one bad prayer for my enemy, is to pray for them, my enemy, to go and start building a refinery,” he said.

However, he said the experience had removed that fear and pushed him to question why Africa had failed to fully develop its economic potential.

The Nigerian billionaire pointed to Asia’s economic transformation as an example of what local investment can achieve.

“Because the Asians believed in their own economy. So they are the ones that made their own economy,” he said.

He also compared Africa’s approach with the United States, where he said local investors often lead before foreign investors join.

He said Africa must change that approach by keeping more capital within the continent and investing in local industries.

“So I said, no, we must industrialise our continent,” Dangote added.

He added that Dangote Group now wants to help lead that effort.

“The whole thing now has changed, where we alone, in Dangote, we said that, look, you know what? We want to lead and champion the industrialisation of Africa,” he said.

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