Billionaire industrialist Aliko Dangote has urged African economies to move urgently from discussing their economic potential to actual production, warning that large-scale job creation is necessary to absorb the continent’s growing youth population.
Speaking on the inaugural episode of BBC Africa Enterprise, shortly after the groundbreaking of his mega refinery in Lamu, Kenya, Dangote said African leaders are responsible for creating livelihoods and economic opportunities.
Dangote highlighted Africa’s demographic realities while questioning the continent’s continued reliance on imports to meet consumer demand.
“You cannot imagine, you have one quarter of the world’s population… and you are not producing anything. If you are not productive, how do you create prosperity? You have to create, you know, jobs,” he said.
He stressed the urgency of addressing the continent’s growing youth population.
“We have a very young population. This population that we have, the younger ones, they are very, very hungry. They are very aggressive, and you know, so you need to make sure that you calm them by providing a livelihood for them, for providing opportunities for them, and that’s our job.”
In 2015, the industrialist declared that Africa’s economic train had left the station, signaling what he viewed as irreversible growth momentum. Asked what must happen over the next decade to achieve greater economic sovereignty, he said Africa must work harder to transform its widely discussed potential into actual industrial capacity.
Dangote Calls for African-Led Industrialization
“We must make sure that we lead the prospects that you have, the opportunities that you have. We attended so many conferences, and people say yes, the potential, potential. But you have to put that potential into reality,” he said.
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He cautioned against continued reliance on foreign actors, arguing that Africans must drive the continent’s development.
The billionaire also called for the rapid operationalization of the African Continental Free Trade Area, saying the continent cannot afford to wait until 2050 to become self-sufficient. He said the agreement would help drive growth once fully implemented.
Dangote said his import-substitution strategy is anchored on the newly launched refinery in Kenya, which has a capacity of 700,000 barrels a day. Following the groundbreaking, he said construction of the facility should take less than four years.
He defended the commercial viability of the project, saying the facility is strategically positioned as an East African petroleum hub with the capacity to serve markets as far away as Egypt. He said the broader objective is to help African countries become self-sufficient in energy, fertilizer and coal.
On energy security, he said the refinery will have a “massive impact” by enabling countries to access refined petroleum products rather than exporting crude oil and importing expensive refined products.
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Dangote Reveals $16 Billion Refinery Cost
Dangote disclosed that the refinery is now expected to cost no more than $16 billion, down from the initial $17 billion estimate.
He attributed the lower projected cost to a faster construction timeline, which would reduce financing costs, as well as experience gained while developing his flagship facility in Nigeria.
The $16 billion project will be financed through a structure comprising 30% equity and 70% debt. Dangote expressed confidence in raising the required funds, saying the project would not have difficulty securing the capital.
Dangote concluded by calling for stronger regional cooperation and stakeholder support to reduce risks and facilitate the implementation of large-scale investments.
“Whether we are already there, we need to make sure we rally the rest of the people to support us, so that we can actually provide all these things for the continent.”
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