{"id":73323,"date":"2024-05-18T16:02:27","date_gmt":"2024-05-18T16:02:27","guid":{"rendered":"https:\/\/www.africa-press.net\/rwanda\/all-news\/billionaire-industrialist-dangote-bullish-on-africas-growth"},"modified":"2024-05-18T16:21:49","modified_gmt":"2024-05-18T16:21:49","slug":"billionaire-industrialist-dangote-bullish-on-africas-growth","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/rwanda\/economy\/billionaire-industrialist-dangote-bullish-on-africas-growth","title":{"rendered":"Billionaire industrialist Dangote bullish on Africa\u2019s growth"},"content":{"rendered":"

Africa-Press – Rwanda. <\/strong><\/span>Nigeria\u2019s billionaire industrialist Aliko Dangote has said that he is optimistic about the direction of Africa\u2019s growth, saying that all signs point to a continent that stands to transform and serve the rest of the world.<\/p>\n

\u201cI am very excited because, going forward, the future is Africa. We have what it takes to make Africa great. That is why, I am not only putting in my own money, I am putting in my soul in Africa to make Africa great,\u201d he told thousands of participants at the closing ceremony of the Africa CEO Forum in Kigali.<\/p>\n

Dangote, who is also the richest man in Africa, maintained that there is nothing impossible in Africa.<\/p>\n

\u201cI normally say that Africa is like a scratch card. Unless you scratch it, you will not know what number it is,\u201d he noted.<\/p>\n

Aliko Dangote told over 2,500 delegates atttending the forum that ‘nothing is impossible in Africa’. Gatsinzi<\/p>\n

Dangote, who\u2019s the Chairman of Dangote Group, a manufacturing conglomerate, indicated that he deliberately ignored the capital market boom of the U.S. that led to the growth of companies such as Google and Microsoft.<\/p>\n

\u201cWe took all our money and invested in [Africa],\u201d he said, highlighting that in the last seven years, Dangote Group has invested more than $25 billion in fertilizers, petrochemicals, refined products, and expansion of cement production.<\/p>\n

Dangote currently operates the largest oil refinery in Africa which started production in February this year. At a cost of $20 billion, the refinery will produce 650,000 barrels per day (bpd).<\/p>\n

Ridding Africa of oil imports<\/p>\n

Dangote aims to reverse Nigeria\u2019s reliance on imports for fuel and other refined products even though the country is Africa’s biggest oil producer.<\/p>\n

Dangote said the refinery had enough gasoline, diesel and aviation fuel to supply the African continent and export to Brazil.<\/p>\n

\u201cWe started producing jet fuel, we are producing diesel, by next month, we’ll be producing gasoline. What that will do, it will be able to take most African crudes,\u201d Dangote said.<\/p>\n

\u201cOur capacity is too big for Nigeria. It will be able to supply West Africa, Central Africa and also Southern Africa,\u201d he added, highlighting that Africa should not continue importing with its vast resources.<\/p>\n

Currently, there are only two African countries that do not import petroleum products \u2013 Algeria and Libya.<\/p>\n

\u201cWe need to really change by making sure that we just don\u2019t go and produce raw materials, but we produce finished products and create jobs. When you export raw materials and someone keeps importing things into your continent, you are importing poverty and exporting jobs out,\u201d he said.<\/p>\n

Dangote\u2019s businesses have enabled him to accumulate significant wealth over the years that almost no other African has, and generated decent returns to his conglomerate.<\/p>\n

\u201cJust about five years ago, we said we wanted to move from $5 billion revenue to $30 billion revenue, and we have made it happen,\u201d he said amidst applause from the crowd.<\/p>\n

Dangote was speaking on the panel alongside Patrick Pouyanne, the Chief Executive Officer of French energy major, TotalEnergies.<\/p>\n

Pouyanne said he had struck its first supply deal with Dangote Refinery in Nigeria.<\/p>\n

\u201cWe met this morning, we made the first deal between both of us. The two CEOs met with our head of trading and we found a way to convince them to make a deal,\u201d he said.<\/p>\n

For More News And Analysis About Rwanda<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Rwanda. Nigeria\u2019s billionaire industrialist Aliko Dangote has said that he is optimistic about the direction of Africa\u2019s growth, saying that all signs point to a continent that stands to transform and serve the rest of the world. \u201cI am very excited because, going forward, the future is Africa. We have what it takes […]<\/p>\n","protected":false},"author":84,"featured_media":73322,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15],"tags":[760,763,758],"class_list":["post-73323","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-rwanda","tag-rwanda"],"yoast_head":"\nBillionaire industrialist Dangote bullish on Africa\u2019s growth - Rwanda<\/title>\n<meta name=\"description\" content=\"Nigeria\u2019s billionaire industrialist Aliko Dangote has said that he is optimistic about the direction of Africa\u2019s growth, ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/rwanda\/economy\/billionaire-industrialist-dangote-bullish-on-africas-growth\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Billionaire industrialist Dangote bullish on Africa\u2019s growth\" \/>\n<meta property=\"og:description\" content=\"Nigeria\u2019s billionaire industrialist Aliko Dangote has said that he is optimistic about the direction of Africa\u2019s growth, ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/rwanda\/economy\/billionaire-industrialist-dangote-bullish-on-africas-growth\" \/>\n<meta property=\"og:site_name\" content=\"Rwanda\" \/>\n<meta property=\"article:published_time\" content=\"2024-05-18T16:02:27+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-05-18T16:21:49+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/rwanda\/sites\/23\/2024\/05\/sm_1716036679.528353.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/rwanda\/economy\/billionaire-industrialist-dangote-bullish-on-africas-growth#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/rwanda\/economy\/billionaire-industrialist-dangote-bullish-on-africas-growth\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/rwanda\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Billionaire industrialist Dangote bullish on Africa\u2019s growth\",\"datePublished\":\"2024-05-18T16:02:27+00:00\",\"dateModified\":\"2024-05-18T16:21:49+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/rwanda\/economy\/billionaire-industrialist-dangote-bullish-on-africas-growth\"},\"wordCount\":579,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/rwanda\/economy\/billionaire-industrialist-dangote-bullish-on-africas-growth#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/rwanda\/sites\/23\/2024\/05\/sm_1716036679.528353.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Rwanda\",\"Rwanda\"],\"articleSection\":[\"all news\",\"Economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/rwanda\/economy\/billionaire-industrialist-dangote-bullish-on-africas-growth#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/rwanda\/economy\/billionaire-industrialist-dangote-bullish-on-africas-growth\",\"url\":\"https:\/\/www.africa-press.net\/rwanda\/economy\/billionaire-industrialist-dangote-bullish-on-africas-growth\",\"name\":\"Billionaire industrialist Dangote bullish on Africa\u2019s growth - 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