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AFRICA CEO FORUM: Dangote calls for more investments to propel Africa’s economic growth
Nasiru Yusuf Ibrahim
President of the Pan-African Conglomerate, Dangote Industries Limited (DIL), Aliko Dangote has called for increased investments in the African continent to foster its rapid growth and development.
Speaking at the largest gathering of private sector leaders in Africa, the Africa CEO Forum in Kigali, Rwanda, Dangote emphasized that recent trends underscore Africa’s pivotal role as the future epicenter of global progress.
The business mogul cautioned against the continent’s overreliance on raw material exports, but advocating instead for strategic investments that will propel indigenous industries. He urged African nations to resist the urge to export raw materials but to nurture domestic manufacturing capabilities so as to reduce dependency on imported consumer goods.
“Looking ahead, Africa holds the key to its greatness. I’m not merely investing money but dedicating my entire being to this cause. In Africa, possibilities are boundless. It is like a scratch card; you won’t know what is inside unless you scratch it. For some of us, despite the boom of the capital market in the US, we didn’t really participate, rather we invested in Africa,” he affirmed.
Over the past seven years, Dangote said he had channelled over $25 billion into bolstering Africa’s self-sufficiency in vital sectors such as fertilizers, petrochemicals, and refined products. Notably, he said the monumental Dangote Refinery, boasting a capacity of 650,000 barrels per day, stands poised to meet the burgeoning demand across West Africa, Central Africa, and South Africa.
“We have finished our refinery; it is quite big. We believe it is what Africa needs. If you look at the entire continent, there are only two countries that don’t import petroleum products, only Algeria and Libya but the rest import. We need to change that, so we don’t just produce raw materials but finished products and create jobs. One of the things we need to know as Africans is that when we produce raw material and export them while others dump finished products on our continent, what we are doing is that we are importing poverty while exporting jobs. We must change the narrative.
“We just commissioned in February. We are producing jet fuel and diesel. By next month, we will be producing gasoline but what that will do is that it will be able to take most of the African crudes that are being produced and be able to supply refined products not only in Nigeria because our capacity is too big for Nigeria. It will be able to supply in West Africa, Central Africa and South Africa. This is the first phase, we are going to the next phase by next year,” he said.
Expressing concern over Africa’s paradoxical export of raw materials juxtaposed with an influx of imported finished goods, Dangote underscored the urgent need to reverse this trend. He lamented that exporting raw materials while importing finished goods perpetuates a cycle of job loss and poverty.
Founded in 2012, the Africa CEO Forum, is a platform through which African decision-makers connect with each other continuously, as well as with international investors and institutions operating on the continent..
It has evolved into an organisation dedicated to facilitating business in Africa through the exchange of ideas and experiences,
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Oil Cabals crippled Govt Refineries, now working against Dangote Refinery – Pastor Adeboye
Nasiru Yusuf Ibrahim
The General Overseer of the Redeemed Christian Church of God (RCCG), Pastor Enoch Adeboye, has urged Nigerians to pray for divine intervention in the face of efforts by unscrupulous oil marketers to thwart the operations of the Dangote Petroleum Refinery, following the previous sabotage of Nigeria’s four state-owned refineries.
KANO FOCUS reports that the respected clergyman made the call for nationwide prayers during the November 2024 Abuja Special Holy Ghost Service themed ‘Total Restoration’, which held in the capital city. While Adeboye did not explicitly name the Dangote Petroleum Refinery, his remarks echoed the ongoing attempts by oil marketers to prevent the refinery from functioning as it was designed to.
The Dangote Refinery based in Ibeju-Lekki, Lagos is the only facility currently refining petrol in Nigeria, and Adeboye’s comments reflected the dispute between the refinery and oil marketers, who seek to continue importing fuel for personal gain.
Pastor Adeboye reminded the congregation that it was God who raised Aliko Dangote to establish a refinery after years of failed attempts to revive Nigeria’s four public refineries, which had consumed billions of Naira with little result. He questioned the persistence of fuel imports despite Nigeria’s status as a major crude oil producer.
“Are we under a curse?” he asked. “We have four refineries, we poured all kinds of money into them, none of them is working. But God raised someone to build a refinery that works. He is not my relative, he is not from my village. He is not even a Christian, but he is a Nigerian who says, ‘Why should my people suffer when I have the means to build a refinery that can work?’ Now he is refining petrol, and some people want to stop him from selling it, so they can keep importing.”
Adeboye also pointed out the damage caused by the fuel subsidy, describing it as a significant drain on Nigeria’s resources, contributing to the country’s mounting debts and corruption. He stressed that when President Bola Ahmed Tinubu announced the end of the subsidy in 2023, Nigerians largely welcomed the decision, but oil marketers, who benefitted from the subsidy regime, were furious.
These marketers, the renowned pastor claimed, have formed alliances with some International Oil Companies (IOCs) and other powerful interests to obstruct the Dangote Petroleum Refinery. This includes restricting access to crude oil, forcing Dangote to import crude from countries like the United States, among others.
He called for prayer for the total restoration of the country, noting that the Nigerian people are suffering the consequences, as the prices of essential goods have soared, pushing many items beyond the reach of ordinary citizens. “The masses are the ones suffering because these marketers, who are bent on keeping imports alive, already have more money than they can ever spend,” he said.
Despite the Dangote Petroleum Refinery’s capacity to meet Nigeria’s entire demand for petroleum products – and even to export surplus fuel – oil marketers continue to pressurise the government to allow ongoing petrol imports. This has placed additional strain on the Naira, which has continued to depreciate.
Recently, the Crude Oil Refineries Owners Association of Nigeria (CORAN) urged the government to protect local refineries from unfair competition posed by importers and international petroleum traders, in line with provisions in the Petroleum Industry Act (PIA).
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Gov. Yusuf names Dr. Aminu Magashi Technical Adviser for Kano’s humanitarian and poverty alleviation ministry
Mukhtar Yahya Usman
In a landmark decision to strengthen Kano State’s humanitarian and poverty alleviation efforts, Governor Abba Kabir Yusuf has named Dr. Aminu Magashi Garba as the Technical Adviser for the Ministry of Humanitarian Affairs and Poverty Alleviation.
The appointment, effective September 28, 2024, was announced by the governor’s spokesperson, Sunusi Bature Dawakin Tofa on Tuesday.
Governor Yusuf emphasized Dr. Magashi’s impressive credentials, highlighting his decades-long dedication to public service and his commitment to improving the lives of Kano’s underserved communities.
The governor’s choice reflects his deep trust in Dr. Magashi’s extensive experience and proven leadership, recognizing him as a pivotal figure in achieving the administration’s humanitarian goals.
Dr. Magashi, with over 30 years in development and humanitarian work, is well-regarded for his influential initiatives.
His notable roles include serving as Chair of the AMG Foundation, leading the Health Policy and Planning Committee of the Nigerian Medical Association, and being the pioneering coordinator of the Kano State Cancer Care Center.
His strategic insights and leadership were also vital as Chairman of the health transition committee, where he collaborated closely with Governor Yusuf to craft a transformative agenda for Kano State’s healthcare future.
He also led the technical committee which supported Governor Abba Kabir Yusuf to develop his campaign blueprint in 2022.
With this appointment, Kano State gains a dedicated advisor whose perseverance, humility, and honesty have defined his career.
Dr. Magashi is expected to guide the ministry in developing impactful strategies that address the pressing needs of Kano’s communities, laying the foundation for a more compassionate, resilient future for all.
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Kano State Refutes Allegations of N177 Billion Loan from France
Mukhtar Yahya Usman
The Kano State Government has publicly denied recent claims that it borrowed N177 billion from France.
Speaking at a press conference, Dr. Hamisu Sadi Ali, Director General of the Kano State Public Debt Management Office, clarified that no new loans have been taken since Governor Abba Kabir Yusuf took office in May 2023.
The allegations, originally reported by local media, suggested that the funds were recently secured from a French lender.
The debt office condemned the report as “malicious” and “politically motivated,” clarifying that it mistakenly links a 2018 loan agreement from the previous administration, led by Dr. Abdullahi Umar Ganduje, with the current government.
Dr. Hamisu noted that the 2018 agreement was a 64 million-euro loan from the French Development Agency, intended for the Third National Urban Water Sector Reform Project, and was not associated with the present administration.
In an effort to promote transparency, the state government shared an overview of Kano’s existing debt portfolio, which includes several longstanding foreign loans, such as the Multi-state Road Project and the Malaria Control Booster Project, some dating back to 1992.
Dr. Hamisu also outlined domestic loans totaling billions, contracted by the previous administration under the APC.
The current government highlighted its commitment to debt reduction, announcing that it has already repaid over N63.5 billion in debt in 2024, reducing Kano State’s overall debt to N127.8 billion.
Dr. Hamisu urged the public to disregard the “fake and misleading” report and encouraged media organizations to focus on accurate, investigative journalism.
He underscored the importance of responsible reporting to maintain public trust and informed civic engagement.