We Invested Over $25bn in Oil, Cement, Sugar in 7 Years – Dangote

• Aliko Dangote announced over $25 billion investments in Nigeria’s oil, gas, cement, and sugar sectors, showcasing confidence in African opportunities
• Dangote emphasized the need for a gradual transition to renewable energy, addressing Africa’s immediate energy needs with existing resources

Africa’s richest man, Aliko Dangote, has revealed that his conglomerates have invested more than $25 billion in Nigeria’s oil and gas, cement, and sugar sectors over the past seven years.

Speaking at the recently concluded 79th United Nations General Assembly (UNGA 79) in the US, Dangote highlighted the investments as a signal of confidence to others that investing in Nigeria and, by extension, Africa is feasible.

“We need to show the world that there are many opportunities in Africa, and the sky’s the limit. Yes, there are challenges, but they are solvable,” Dangote remarked.

He expressed his long-term vision of making Africa self-sufficient, aiming to reduce the continent’s dependence on imported goods and services.

Dangote also shared that he prefers to be remembered for contributing to Africa’s future rather than just for his wealth.

Discussing the global shift from fossil fuels to renewable energy, Dangote acknowledged that transitioning away from oil will take considerable time.

He pointed out that while renewable energy is the future, Africa’s immediate energy needs, especially for its 600 million people without electricity, must be addressed with existing resources like natural gas and coal.

“Transitioning doesn’t happen overnight. It would be catastrophic if we were to move directly into renewable energy. We still need oil, natural gas, and coal to meet today’s needs,” Dangote said.

He added that oil remains crucial as it is used to produce over 6,800 different items, making it difficult to find a swift replacement.

Looking forward, Dangote reaffirmed his company’s commitment to investing in renewable energy.

He mentioned that after building a refinery, a fertilizer plant, and other industrial projects, his conglomerate should expand into renewable energy.

“We are already transitioning from fossil fuel to compressed natural gas (CNG), and we intend to lead in renewable energy opportunities in the future,” Dangote concluded.